Public Sector Pension Investment Board Acquires 2,100 Shares of Adobe Inc. (NASDAQ:ADBE)

Public Sector Pension Investment Board lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 12.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,322 shares of the software company’s stock after purchasing an additional 2,100 shares during the period. Public Sector Pension Investment Board’s holdings in Adobe were worth $10,005,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Burney Co. raised its holdings in shares of Adobe by 1.8% in the 1st quarter. Burney Co. now owns 5,530 shares of the software company’s stock valued at $2,790,000 after purchasing an additional 100 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Adobe by 213.4% in the 1st quarter. Cetera Investment Advisers now owns 101,212 shares of the software company’s stock worth $51,072,000 after buying an additional 68,921 shares during the last quarter. Cetera Advisors LLC raised its stake in shares of Adobe by 52.0% during the 1st quarter. Cetera Advisors LLC now owns 29,749 shares of the software company’s stock worth $15,011,000 after acquiring an additional 10,183 shares in the last quarter. Soltis Investment Advisors LLC lifted its position in Adobe by 36.2% during the first quarter. Soltis Investment Advisors LLC now owns 836 shares of the software company’s stock valued at $422,000 after acquiring an additional 222 shares during the last quarter. Finally, Westwood Holdings Group Inc. boosted its stake in Adobe by 117.6% in the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock valued at $3,703,000 after acquiring an additional 3,967 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

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 transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ADBE shares. Stifel Nicolaus upped their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, UBS Group lowered their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Down 2.2 %

Shares of ADBE opened at $513.68 on Friday. The firm has a market cap of $226.12 billion, a P/E ratio of 43.39, a PEG ratio of 2.67 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock’s 50 day moving average is $503.14 and its two-hundred day moving average is $519.72. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

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

Adobe 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.