State of Alaska Department of Revenue Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

State of Alaska Department of Revenue lifted its position in Adobe Inc. (NASDAQ:ADBE) by 7.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,097 shares of the software company’s stock after purchasing an additional 4,547 shares during the quarter. State of Alaska Department of Revenue’s holdings in Adobe were worth $28,057,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Nordea Investment Management AB increased its holdings in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after buying an additional 33,414 shares during the period. Public Sector Pension Investment Board increased its stake in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares during the period. Morse Asset Management Inc lifted its position in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $437.63 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $190.50 billion, a price-to-earnings ratio of 35.29, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $628.07. The company’s 50-day moving average is $458.66 and its 200 day moving average is $501.38.

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

Insider Transactions at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction 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 approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of several analyst reports. 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 note on Thursday, December 12th. Royal Bank of Canada decreased their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.