Retirement Systems of Alabama Has $51.09 Million Position in Adobe Inc (ADBE)

Retirement Systems of Alabama lowered its holdings in Adobe Inc (NASDAQ:ADBE) by 18.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 225,812 shares of the software company’s stock after selling 50,000 shares during the quarter. Retirement Systems of Alabama’s holdings in Adobe were worth $51,088,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Rehmann Capital Advisory Group boosted its position in Adobe by 3.9% in the third quarter. Rehmann Capital Advisory Group now owns 4,571 shares of the software company’s stock valued at $1,234,000 after buying an additional 171 shares in the last quarter. Carnegie Capital Asset Management LLC boosted its position in Adobe by 15.0% in the third quarter. Carnegie Capital Asset Management LLC now owns 1,412 shares of the software company’s stock valued at $337,000 after buying an additional 184 shares in the last quarter. Waldron Private Wealth LLC boosted its position in Adobe by 5.1% in the third quarter. Waldron Private Wealth LLC now owns 3,930 shares of the software company’s stock valued at $1,060,000 after buying an additional 192 shares in the last quarter. Moody National Bank Trust Division boosted its position in Adobe by 0.3% in the fourth quarter. Moody National Bank Trust Division now owns 75,565 shares of the software company’s stock valued at $17,096,000 after buying an additional 197 shares in the last quarter. Finally, Andra AP fonden boosted its position in Adobe by 0.7% in the third quarter. Andra AP fonden now owns 27,700 shares of the software company’s stock valued at $7,478,000 after buying an additional 200 shares in the last quarter. 84.60% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:ADBE traded up $2.34 during trading hours on Thursday, hitting $237.77. The stock had a trading volume of 2,339,328 shares, compared to its average volume of 3,568,243. Adobe Inc has a one year low of $179.34 and a one year high of $277.61. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.66 and a current ratio of 1.13. The company has a market capitalization of $110.41 billion, a PE ratio of 42.84, a PEG ratio of 2.22 and a beta of 1.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, December 13th. The software company reported $1.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.88 by ($0.05). Adobe had a net margin of 28.69% and a return on equity of 31.19%. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the company posted $1.26 EPS. The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc will post 6.21 earnings per share for the current year.

In other Adobe news, EVP Ann Lewnes sold 2,910 shares of the company’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total value of $760,121.10. Following the completion of the sale, the executive vice president now owns 55,647 shares of the company’s stock, valued at $14,535,552.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles M. Geschke sold 21,258 shares of the company’s stock in a transaction that occurred on Tuesday, January 8th. The shares were sold at an average price of $232.71, for a total transaction of $4,946,949.18. The disclosure for this sale can be found here. Insiders sold 41,815 shares of company stock valued at $9,925,195 in the last ninety days. Insiders own 0.33% of the company’s stock.

A number of equities analysts have commented on the stock. Atlantic Securities assumed coverage on shares of Adobe in a research report on Wednesday. They issued a “neutral” rating and a $250.00 price target on the stock. Citigroup boosted their price target on shares of Adobe from $260.00 to $309.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Pivotal Research upped their target price on shares of Adobe from $235.00 to $254.00 and gave the stock a “hold” rating in a research report on Friday, September 14th. Jefferies Financial Group upped their target price on shares of Adobe to $315.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Finally, Wedbush assumed coverage on shares of Adobe in a research report on Thursday, October 18th. They set a “neutral” rating and a $270.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $275.14.

ILLEGAL ACTIVITY NOTICE: This story was originally published by Stock Observer and is the sole property of of Stock Observer. If you are reading this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright & trademark law. The legal version of this story can be viewed at https://www.thestockobserver.com/2019/01/10/retirement-systems-of-alabama-has-51-09-million-position-in-adobe-inc-adbe.html.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

Further Reading: What is cost of equity?

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc (NASDAQ:ADBE).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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.

Leave a Reply