Adobe Inc. (NASDAQ:ADBE) Stake Cut by Retirement Systems of Alabama

Retirement Systems of Alabama cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 100,343 shares of the software company’s stock after selling 2,718 shares during the period. Retirement Systems of Alabama’s holdings in Adobe were worth $59,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC bought a new position in Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates lifted its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new stake in Adobe in the fourth quarter valued at $35,000. BluePath Capital Management LLC bought a new stake in Adobe in the third quarter valued at $39,000. Finally, Hanseatic Management Services Inc. bought a new stake in Adobe in the third quarter valued at $45,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADBE. TD Cowen cut their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

NASDAQ:ADBE traded up $4.12 during mid-day trading on Friday, reaching $477.56. 2,460,261 shares of the stock were exchanged, compared to its average volume of 2,815,745. The business has a fifty day moving average price of $515.34 and a 200 day moving average price of $564.55. The firm has a market capitalization of $213.95 billion, a PE ratio of 45.66, a PEG ratio of 2.59 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.97 earnings per share. Research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Adobe Profile

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.