Texas Permanent School Fund Has $25.29 Million Stake in Adobe Inc (ADBE)

Texas Permanent School Fund trimmed its holdings in Adobe Inc (NASDAQ:ADBE) by 3.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 94,884 shares of the software company’s stock after selling 3,298 shares during the quarter. Texas Permanent School Fund’s holdings in Adobe were worth $25,286,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Carderock Capital Management Inc. boosted its holdings in Adobe by 133.8% in the first quarter. Carderock Capital Management Inc. now owns 11,479 shares of the software company’s stock valued at $3,059,000 after acquiring an additional 6,569 shares during the last quarter. Glaxis Capital Management LLC bought a new position in Adobe during the first quarter worth about $1,892,000. Bruderman Asset Management LLC boosted its holdings in Adobe by 81.0% during the fourth quarter. Bruderman Asset Management LLC now owns 1,249 shares of the software company’s stock worth $283,000 after buying an additional 559 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in Adobe by 0.6% during the first quarter. Retirement Systems of Alabama now owns 227,106 shares of the software company’s stock worth $60,521,000 after buying an additional 1,294 shares during the last quarter. Finally, B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund bought a new position in Adobe during the fourth quarter worth about $1,229,000. 85.84% of the stock is owned by institutional investors.

ADBE has been the topic of a number of recent analyst reports. DZ Bank restated a “hold” rating on shares of Adobe in a report on Friday, February 22nd. Morgan Stanley raised Adobe from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $282.00 to $340.00 in a research report on Monday, April 29th. Canaccord Genuity raised their price target on Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Cowen lowered Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price target on the stock. in a research report on Friday, February 15th. Finally, BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, February 20th. Nine research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $289.63.

In other news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $260.54, for a total value of $781,620.00. Following the completion of the sale, the chief marketing officer now directly owns 69,368 shares of the company’s stock, valued at $18,073,138.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Dana Rao sold 5,955 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $255.08, for a total value of $1,519,001.40. Following the completion of the sale, the executive vice president now directly owns 17,087 shares of the company’s stock, valued at $4,358,551.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,936 shares of company stock worth $15,516,808. Corporate insiders own 0.32% of the company’s stock.

Shares of NASDAQ:ADBE traded up $1.94 during trading on Thursday, hitting $274.80. 1,682,185 shares of the company were exchanged, compared to its average volume of 2,775,663. The firm has a market capitalization of $133.28 billion, a price-to-earnings ratio of 49.51, a price-to-earnings-growth ratio of 2.63 and a beta of 1.12. Adobe Inc has a fifty-two week low of $204.95 and a fifty-two week high of $291.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.55 earnings per share. As a group, analysts anticipate that Adobe Inc will post 6.24 earnings per share for the current year.

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About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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