Adobe Inc. (NASDAQ:ADBE) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 56.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 164,030 shares of the software company's stock after selling 212,324 shares during the quarter. Public Employees Retirement Association of Colorado's holdings in Adobe were worth $72,941,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Adobe in the fourth quarter valued at $2,553,035,000. Proficio Capital Partners LLC boosted its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. FIL Ltd boosted its position in shares of Adobe by 130.9% during the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock worth $573,014,000 after purchasing an additional 730,520 shares in the last quarter. Finally, Edgewood Management LLC boosted its stake in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.1 %

NASDAQ:ADBE traded up $4.00 during midday trading on Wednesday, reaching $374.98. The company had a trading volume of 3,297,049 shares, compared to its average volume of 3,434,441. The firm has a market capitalization of $159.82 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 2.15 and a beta of 1.49. The stock's fifty day simple moving average is $389.45 and its 200-day simple moving average is $443.28. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the firm posted $4.48 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Piper Sandler reduced their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. UBS Group decreased their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Company Profile

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.