Oregon Public Employees Retirement Fund Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Oregon Public Employees Retirement Fund lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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.

A number of other hedge funds have also recently modified their holdings of ADBE. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the third quarter worth about $30,000. True Wealth Design LLC increased its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe during the 4th quarter valued at about $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $443.41 on Wednesday. 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 stock has a 50-day moving average of $439.88 and a two-hundred day moving average of $492.62. The stock has a market cap of $193.02 billion, a P/E ratio of 35.76, a P/E/G ratio of 2.15 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping 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 firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 earnings per share. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s 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 transaction, 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 a total of 5,681 shares of company stock valued at $2,525,126 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on ADBE. Stifel Nicolaus reduced 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. Wells Fargo & Company dropped their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

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.