State of New Jersey Common Pension Fund D Reduces Stock Holdings in Adobe Inc. $ADBE

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Adobe Inc. by 2.1%, now owning 143,748 shares valued at approximately $55.6 million.
• Adobe reported $5.31 earnings per share for the quarter, exceeding analysts' expectations, with revenue of $5.99 billion, marking a year-over-year increase of 10.7%.
• Brokerages have varied ratings on Adobe, with target prices ranging from $405 to $500, and the average rating currently stands at "Hold".

State of New Jersey Common Pension Fund D lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,748 shares of the software company's stock after selling 3,136 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Adobe were worth $55,613,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ADBE. 1248 Management LLC acquired a new stake in Adobe during the 1st quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe during the 1st quarter valued at approximately $26,000. Flaharty Asset Management LLC acquired a new stake in Adobe during the 1st quarter valued at approximately $29,000. HHM Wealth Advisors LLC acquired a new stake in Adobe during the 1st quarter valued at approximately $30,000. Finally, Nexus Investment Management ULC acquired a new stake in Adobe during the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Down 0.2%

NASDAQ:ADBE opened at $353.52 on Friday. The business has a 50 day simple moving average of $351.71 and a 200 day simple moving average of $368.72. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $147.98 billion, a P/E ratio of 22.03, a P/E/G ratio of 1.59 and a beta of 1.49. Adobe Inc. has a 12-month low of $327.50 and a 12-month high of $557.90.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.18 by $0.13. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The company had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the firm posted $4.65 EPS. The firm's quarterly revenue was up 10.7% on a year-over-year basis. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ADBE. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Friday, September 12th. Evercore ISI decreased their target price on Adobe from $475.00 to $450.00 and set an "outperform" rating for the company in a research report on Friday, September 12th. DA Davidson reiterated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, September 12th. TD Cowen reduced their price objective on Adobe from $470.00 to $420.00 and set a "hold" rating for the company in a research report on Friday, September 12th. Finally, BMO Capital Markets reduced their price objective on Adobe from $450.00 to $405.00 and set an "outperform" rating for the company in a research report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $433.41.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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