Adobe Inc. (NASDAQ:ADBE) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,550 shares of the software company’s stock after selling 1,705 shares during the period. State of Alaska Department of Revenue’s holdings in Adobe were worth $30,315,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ADBE. International Assets Investment Management LLC boosted its position in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares during the period. Swedbank AB purchased a new stake in shares of Adobe in the 1st quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD acquired a new position in shares of Adobe during the second quarter worth $663,745,000. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP raised its stake in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.2 %

Shares of NASDAQ ADBE opened at $483.72 on Friday. The stock has a market capitalization of $214.48 billion, a price-to-earnings ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50-day moving average price of $530.03 and a 200 day moving average price of $515.76. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,030 shares of company stock worth $17,176,005 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.