Louisiana State Employees Retirement System Has $24.81 Million Position in Adobe Inc. (NASDAQ:ADBE)

Louisiana State Employees Retirement System cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,800 shares of the software company's stock after selling 3,000 shares during the period. Adobe accounts for about 0.5% of Louisiana State Employees Retirement System's investment portfolio, making the stock its 23rd largest position. Louisiana State Employees Retirement System's holdings in Adobe were worth $24,813,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. International Assets Investment Management LLC grew its holdings 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 last quarter. FMR LLC grew its holdings in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd acquired a new stake in Adobe in the 4th quarter valued at $110,744,000. Finally, Erste Asset Management GmbH acquired a new stake in Adobe in the 3rd quarter valued at $126,703,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In other Adobe news, Director David A. Ricks bought 2,250 shares of the firm's stock in a transaction on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. Company insiders own 0.15% of the company's stock.

Adobe Trading Up 0.2 %

Shares of Adobe stock traded up $0.94 during trading on Friday, reaching $460.16. 2,621,864 shares of the company were exchanged, compared to its average volume of 3,588,013. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $607.32. The business has a 50-day moving average price of $446.56 and a 200-day moving average price of $496.88. The firm has a market capitalization of $200.31 billion, a price-to-earnings ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. During the same period in the previous year, the firm earned $3.52 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a "buy" rating to a "hold" rating and decreased their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $590.00 price target on shares of Adobe in a research note on Thursday. Finally, Bank of America cut their price objective on Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of "Moderate Buy" and an average price target of $573.00.

Adobe Company 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.