South Dakota Investment Council Acquires 15,709 Shares of Adobe Inc. (NASDAQ:ADBE)

South Dakota Investment Council raised its position in Adobe Inc. (NASDAQ:ADBE) by 187.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,094 shares of the software company’s stock after acquiring an additional 15,709 shares during the quarter. South Dakota Investment Council’s holdings in Adobe were worth $10,714,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter worth about $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the 3rd quarter valued at approximately $30,000. True Wealth Design LLC grew its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe during the 4th quarter valued at approximately $31,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 2.3 %

Shares of NASDAQ ADBE opened at $444.32 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $440.46 and a two-hundred day simple moving average of $494.02. The firm has a market cap of $193.41 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. UBS Group cut their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Mizuho cut their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Redburn Atlantic started coverage on Adobe in a research note on Wednesday. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.