Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 19,322 shares of the software company’s stock after acquiring an additional 2,100 shares during the quarter. Public Sector Pension Investment Board’s holdings in Adobe were worth $10,005,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ADBE. FMR LLC raised its position in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC raised its holdings in Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after buying an additional 93,143 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Adobe by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after buying an additional 21,444 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after buying an additional 12,065 shares during the period. Finally, Clearbridge Investments LLC increased its position in shares of Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein decreased their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays lifted their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $513.68 on Friday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $226.12 billion, a P/E ratio of 43.39, a P/E/G ratio of 2.67 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company’s fifty day moving average price is $503.14 and its 200 day moving average price is $519.72.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.26 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.