Maryland State Retirement & Pension System Sells 1,194 Shares of Adobe Inc. (NASDAQ:ADBE)

Maryland State Retirement & Pension System cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,005 shares of the software company’s stock after selling 1,194 shares during the period. Maryland State Retirement & Pension System’s holdings in Adobe were worth $17,117,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. NewSquare Capital LLC increased its holdings in shares of Adobe by 278.9% in the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after acquiring an additional 53 shares during the period. Financial Freedom LLC purchased a new position in Adobe in the fourth quarter valued at about $29,000. Financial Management Professionals Inc. raised its holdings in Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after purchasing an additional 53 shares in the last quarter. Independence Bank of Kentucky lifted its position in shares of Adobe by 209.1% during the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after buying an additional 46 shares during the last quarter. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $35,000. 80.00% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ:ADBE opened at $528.89 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50 day moving average price of $530.08 and a 200-day moving average price of $442.94. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $570.24. The firm has a market cap of $241.07 billion, a price-to-earnings ratio of 50.47, a price-to-earnings-growth ratio of 3.32 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the previous year, the company earned $2.63 earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 12.56 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on ADBE shares. Jefferies Financial Group increased their target price on shares of Adobe from $600.00 to $660.00 and gave the company a “buy” rating in a research report on Monday, September 11th. Evercore ISI upped their target price on Adobe from $590.00 to $605.00 and gave the company an “outperform” rating in a research report on Friday. UBS Group raised their price target on Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a report on Wednesday, September 6th. Bank of America upped their price objective on shares of Adobe from $630.00 to $660.00 and gave the company a “buy” rating in a report on Friday. Finally, BMO Capital Markets lifted their target price on shares of Adobe from $600.00 to $640.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 12th. Nine equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $586.38.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,135,930.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Dana Rao sold 2,600 shares of the firm’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the transaction, the executive vice president now directly owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is owned by company insiders.

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.