Global Retirement Partners LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 6,113 shares of the software company’s stock, valued at approximately $1,253,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Adobe during the 4th quarter worth about $2,275,165,000. Bank of New York Mellon Corp purchased a new stake in shares of Adobe during the second quarter worth $954,468,000. AQR Capital Management LLC lifted its holdings in shares of Adobe by 55.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,587,399 shares of the software company’s stock valued at $912,705,000 after buying an additional 920,353 shares during the last quarter. Amundi lifted its stake in Adobe by 17.9% in the third quarter. Amundi now owns 4,888,283 shares of the software company’s stock valued at $1,711,583,000 after acquiring an additional 742,646 shares during the last quarter. Finally, State of Michigan Retirement System lifted its stake in shares of Adobe by 566.1% in the 1st quarter. State of Michigan Retirement System now owns 820,823 shares of the software company’s stock valued at $199,526,000 after purchasing an additional 697,600 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Price Performance
ADBE opened at $254.04 on Tuesday. The company has a fifty day moving average price of $228.82 and a two-hundred day moving average price of $245.32. The firm has a market capitalization of $100.98 billion, a PE ratio of 14.53, a P/E/G ratio of 0.89 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.75 and a current ratio of 0.75. Adobe Inc. has a 52 week low of $190.12 and a 52 week high of $370.86.
Adobe declared that its board has authorized a share repurchase plan on Tuesday, April 21st that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 24.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling at Adobe
In related news, Director David A. Ricks purchased 10,000 shares of Adobe stock in a transaction dated Thursday, June 25th. The stock was bought at an average price of $194.51 per share, for a total transaction of $1,945,100.00. Following the completion of the acquisition, the director directly owned 17,655 shares of the company’s stock, valued at $3,434,074.05. This represents a 130.63% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 416 shares of the company’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $264.33, for a total transaction of $109,961.28. Following the completion of the transaction, the chief accounting officer directly owned 3,824 shares of the company’s stock, valued at approximately $1,010,797.92. The trade was a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.20% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have commented on ADBE shares. Mizuho lowered their price target on Adobe from $270.00 to $245.00 and set a “neutral” rating on the stock in a report on Friday, June 12th. Robert W. Baird lowered their price target on Adobe from $270.00 to $230.00 and set a “neutral” rating on the stock in a research note on Friday, June 12th. Jefferies Financial Group dropped their price objective on shares of Adobe from $290.00 to $230.00 and set a “hold” rating for the company in a research note on Friday, June 12th. Stifel Nicolaus reissued a “hold” rating and issued a $200.00 target price (down from $350.00) on shares of Adobe in a report on Friday, June 12th. Finally, BMO Capital Markets cut their price target on shares of Adobe from $285.00 to $230.00 and set a “market perform” rating for the company in a report on Friday, June 12th. Seven research analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Hold” and an average target price of $269.81.
Read Our Latest Stock Report on Adobe
Adobe Company Profile
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.
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