Board of the Pension Protection Fund Takes Position in Adobe Inc. (NASDAQ:ADBE)

Board of the Pension Protection Fund purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, Holdings Channel.com reports. The firm purchased 100 shares of the software company’s stock, valued at approximately $44,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Commonwealth Financial Services LLC raised its stake in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after acquiring an additional 20 shares during the period. Connable Office Inc. increased its position in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares during the last quarter. 1ST Source Bank lifted its holdings in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the period. Finally, Sfmg LLC boosted its position in Adobe by 3.1% in the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after purchasing an additional 21 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.1 %

ADBE opened at $417.28 on Thursday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $481.07 and a two-hundred day simple moving average of $515.02. The company has a market capitalization of $183.69 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $3.52 earnings per share. Analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $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. Over the last 90 days, insiders have sold 1,763 shares of company stock worth $893,665. Insiders own 0.15% of the company’s stock.

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.