Illinois Municipal Retirement Fund grew its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 5.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 63,285 shares of the software company’s stock after acquiring an additional 3,006 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Adobe were worth $22,149,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in ADBE. J.Safra Asset Management Corp increased its position in Adobe by 591.4% during the 4th quarter. J.Safra Asset Management Corp now owns 1,452 shares of the software company’s stock worth $508,000 after purchasing an additional 1,242 shares in the last quarter. GWN Securities Inc. boosted its holdings in Adobe by 32.1% in the fourth quarter. GWN Securities Inc. now owns 1,970 shares of the software company’s stock valued at $690,000 after acquiring an additional 479 shares during the last quarter. GFS Advisors LLC increased its position in shares of Adobe by 0.3% during the fourth quarter. GFS Advisors LLC now owns 19,769 shares of the software company’s stock worth $6,919,000 after buying an additional 50 shares during the period. Deutsche Bank AG grew its holdings in Adobe by 3.9% during the 4th quarter. Deutsche Bank AG now owns 3,997,588 shares of the software company’s stock worth $1,399,116,000 after acquiring an additional 148,623 shares during the period. Finally, Motley Fool Asset Management LLC increased its holdings in Adobe by 27.7% in the fourth quarter. Motley Fool Asset Management LLC now owns 46,007 shares of the software company’s stock worth $16,102,000 after purchasing an additional 9,977 shares in the last quarter. 81.79% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Adobe news, CFO Daniel Durn sold 1,336 shares of Adobe stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $248.02, for a total transaction of $331,354.72. Following the transaction, the chief financial officer directly owned 42,833 shares of the company’s stock, valued at approximately $10,623,440.66. This trade represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 75,000 shares of Adobe stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $243.54, for a total transaction of $18,265,500.00. Following the completion of the transaction, the chief executive officer directly owned 359,538 shares in the company, valued at approximately $87,561,884.52. The trade was a 17.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 77,091 shares of company stock valued at $18,782,773 over the last quarter. 0.20% of the stock is owned by corporate insiders.
Key Adobe News
- Positive Sentiment: Adobe’s upcoming earnings could provide a catalyst if management shows Firefly and GenStudio are driving meaningful AI-related demand and improved guidance. Adobe Faces Make-or-Break Earnings Test as Traders Brace for Big Stock Swing
- Positive Sentiment: Some analysts and market watchers still see upside if Adobe can prove AI is becoming a real tailwind, rather than just a narrative, which could help restore investor confidence. Adobe Q2 Preview: Stock Near 7-Year Low, Market Expert Says Investors Want Proof ‘AI Is A Tailwind’
- Positive Sentiment: Options traders are pricing in a large post-earnings move, suggesting the stock could rebound sharply if results beat expectations and the outlook improves. Adobe Will Report Q2 Earnings Tomorrow. Options Traders Expect a 9.45% Move in ADBE Stock
Wall Street Analysts Forecast Growth
Several research firms have weighed in on ADBE. BTIG Research initiated coverage on shares of Adobe in a research note on Monday, April 13th. They issued a “neutral” rating for the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Adobe in a research note on Friday, March 13th. Citigroup increased their price target on Adobe from $253.00 to $264.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Sanford C. Bernstein set a $447.00 price objective on shares of Adobe and gave the stock an “outperform” rating in a report on Friday, March 13th. Finally, Oppenheimer reissued a “market perform” rating on shares of Adobe in a report on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seventeen have issued a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Hold” and an average target price of $331.65.
Read Our Latest Report on ADBE
Adobe Stock Performance
NASDAQ:ADBE opened at $233.38 on Thursday. The business’s 50-day moving average price is $245.79 and its two-hundred day moving average price is $279.88. The stock has a market cap of $94.33 billion, a P/E ratio of 13.59, a PEG ratio of 0.93 and a beta of 1.42. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.47. Adobe Inc. has a twelve month low of $224.13 and a twelve month high of $416.39.
Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings results on Thursday, March 12th. The software company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $5.87 by $0.19. Adobe had a net margin of 29.48% and a return on equity of 64.48%. The business had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter in the previous year, the company earned $5.08 EPS. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 19.14 EPS for the current fiscal year.
Adobe announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 21st that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 24.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
About Adobe
Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.
The company’s core offerings are organized around digital media and digital experience.
See Also
- Five stocks we like better than Adobe
- Everpure: AI Storage Uncertainty Overshadows Breakneck Growth
- This Tech ETF Is Beating QQQ—and Canada May Be Part of the Reason
- Intel Is the Market’s Most Mispriced AI Hedge
- The Biggest Opportunity From SpaceX’s IPO May Surprise You
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.
