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

Louisiana State Employees Retirement System trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 5.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 55,800 shares of the software company’s stock after selling 3,000 shares during the period. Adobe comprises approximately 0.5% of Louisiana State Employees Retirement System’s holdings, making the stock its 23rd largest holding. Louisiana State Employees Retirement System’s holdings in Adobe were worth $24,813,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in ADBE. Nordea Investment Management AB grew its stake in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares during the period. Morse Asset Management Inc grew its position in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after buying an additional 1,326 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Piper Sandler lowered their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Bank of America lowered their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. Finally, BMO Capital Markets dropped their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $573.00.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

ADBE opened at $458.82 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $452.62 and its two-hundred day moving average price is $498.52. The firm has a market capitalization of $199.72 billion, a P/E ratio of 37.00, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $626.34.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $3.52 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.