Arizona State Retirement System Purchases 169 Shares of Adobe Inc. (NASDAQ:ADBE)

Arizona State Retirement System boosted its position in Adobe Inc. (NASDAQ:ADBE) by 0.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 129,878 shares of the software company’s stock after purchasing an additional 169 shares during the quarter. Arizona State Retirement System’s holdings in Adobe were worth $72,152,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vise Technologies Inc. raised its holdings in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Steph & Co. raised its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC raised its holdings in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its holdings in shares of Adobe by 14.7% during the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after acquiring an additional 3,120 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. TD Cowen reduced their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Piper Sandler reduced their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Finally, Citigroup reduced their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $603.79.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.2 %

Shares of NASDAQ:ADBE opened at $569.00 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $252.29 billion, a price-to-earnings ratio of 51.03, a PEG ratio of 3.00 and a beta of 1.30. The stock’s 50-day simple moving average is $553.57 and its two-hundred day simple moving average is $519.26.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the firm earned $3.04 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

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.