Adobe Inc. (NASDAQ:ADBE) Shares Sold by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 37,746 shares of the software company’s stock after selling 225 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Adobe were worth $16,785,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ADBE. Impact Investors Inc purchased a new position in Adobe in the 4th quarter valued at $265,000. Sabal Trust CO grew its position in shares of Adobe by 24.4% in the fourth quarter. Sabal Trust CO now owns 5,127 shares of the software company’s stock valued at $2,280,000 after purchasing an additional 1,007 shares in the last quarter. Fjell Capital LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $1,535,000. Sitrin Capital Management LLC lifted its position in Adobe by 0.6% during the fourth quarter. Sitrin Capital Management LLC now owns 10,597 shares of the software company’s stock worth $4,712,000 after buying an additional 60 shares in the last quarter. Finally, JFG Wealth Management LLC acquired a new position in Adobe during the fourth quarter worth $730,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $443.41 on Wednesday. The company has a market cap of $193.02 billion, a P/E ratio of 35.76, a PEG ratio of 2.15 and a beta of 1.31. The firm has a fifty day moving average price of $439.88 and a 200 day moving average price of $492.62. 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 Inc. has a 12 month low of $403.75 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the firm posted $3.52 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Stifel Nicolaus decreased their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Barclays lowered their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last three months. 0.15% of the stock is owned by corporate insiders.

About Adobe

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.