Adobe Inc. (NASDAQ:ADBE) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its position in Adobe Inc. (NASDAQ:ADBE) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,343 shares of the software company’s stock after selling 2,718 shares during the period. Retirement Systems of Alabama’s holdings in Adobe were worth $59,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. HBC Financial Services PLLC acquired a new position in shares of Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates lifted its stake in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the 4th quarter valued at $35,000. BluePath Capital Management LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $39,000. Finally, Hanseatic Management Services Inc. acquired a new position in Adobe during the third quarter worth $45,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Wells Fargo & Company reduced their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research report on Thursday, January 18th. Finally, Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 0.9 %

ADBE stock traded up $4.12 during mid-day trading on Friday, hitting $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a PEG ratio of 2.59 and a beta of 1.28. The business has a fifty day simple moving average of $515.34 and a 200-day simple moving average of $564.55. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm posted $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.