Kentucky Retirement Systems purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 27,835 shares of the software company’s stock, valued at approximately $16,301,000. Adobe accounts for approximately 0.8% of Kentucky Retirement Systems’ holdings, making the stock its 20th largest holding.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Baltimore Washington Financial Advisors Inc. increased its position in Adobe by 1.5% during the second quarter. Baltimore Washington Financial Advisors Inc. now owns 25,451 shares of the software company’s stock worth $14,905,000 after buying an additional 380 shares during the period. Knights of Columbus Asset Advisors LLC increased its position in Adobe by 8.1% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 17,358 shares of the software company’s stock worth $10,166,000 after buying an additional 1,303 shares during the period. Cloverfields Capital Group LP increased its position in Adobe by 25.1% during the second quarter. Cloverfields Capital Group LP now owns 3,901 shares of the software company’s stock worth $2,285,000 after buying an additional 783 shares during the period. CIBC World Markets Inc. increased its holdings in shares of Adobe by 9.2% in the second quarter. CIBC World Markets Inc. now owns 123,381 shares of the software company’s stock valued at $72,257,000 after purchasing an additional 10,399 shares during the period. Finally, Banque Pictet & Cie SA increased its holdings in shares of Adobe by 3.0% in the second quarter. Banque Pictet & Cie SA now owns 50,658 shares of the software company’s stock valued at $29,667,000 after purchasing an additional 1,481 shares during the period. 81.67% of the stock is currently owned by institutional investors.
ADBE has been the topic of a number of recent research reports. Citigroup boosted their target price on Adobe from $575.00 to $678.00 and gave the company a “neutral” rating in a report on Wednesday, September 22nd. upped their price objective on Adobe from $523.00 to $575.00 and gave the stock a “neutral” rating in a report on Friday, June 18th. Wells Fargo & Company initiated coverage on Adobe in a report on Monday, September 20th. They set an “overweight” rating and a $770.00 price objective on the stock. Royal Bank of Canada upped their price objective on Adobe from $575.00 to $650.00 and gave the stock an “outperform” rating in a report on Friday, June 18th. Finally, The Goldman Sachs Group upped their price objective on Adobe from $735.00 to $765.00 and gave the stock a “buy” rating in a report on Wednesday, September 22nd. Four research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $679.57.
NASDAQ:ADBE traded down $16.02 on Monday, hitting $606.69. 32,715 shares of the stock were exchanged, compared to its average volume of 2,235,891. The stock has a market cap of $289.03 billion, a PE ratio of 53.96, a PEG ratio of 3.42 and a beta of 0.97. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30. The stock has a fifty day moving average of $639.91 and a 200-day moving average of $559.77. Adobe Inc. has a fifty-two week low of $420.78 and a fifty-two week high of $673.88.
Adobe (NASDAQ:ADBE) last posted its earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.10. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The business had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the firm earned $2.12 earnings per share. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 10.28 earnings per share for the current year.
Adobe Company Profile
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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