Public Sector Pension Investment Board Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Public Sector Pension Investment Board grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 44.1% during the 1st quarter, HoldingsChannel reports. The fund owned 107,483 shares of the software company’s stock after acquiring an additional 32,895 shares during the quarter. Public Sector Pension Investment Board’s holdings in Adobe were worth $41,223,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Eagle Global Advisors LLC raised its stake in shares of Adobe by 8.8% during the first quarter. Eagle Global Advisors LLC now owns 16,004 shares of the software company’s stock worth $6,138,000 after acquiring an additional 1,296 shares in the last quarter. AIA Group Ltd increased its stake in shares of Adobe by 17.5% in the first quarter. AIA Group Ltd now owns 2,439 shares of the software company’s stock worth $935,000 after buying an additional 363 shares during the period. WP Advisors LLC raised its holdings in Adobe by 11.2% during the 1st quarter. WP Advisors LLC now owns 2,540 shares of the software company’s stock valued at $974,000 after buying an additional 255 shares during the last quarter. Motley Fool Asset Management LLC raised its holdings in Adobe by 18.1% during the 1st quarter. Motley Fool Asset Management LLC now owns 25,600 shares of the software company’s stock valued at $9,818,000 after buying an additional 3,930 shares during the last quarter. Finally, Meridian Wealth Management LLC raised its holdings in Adobe by 36.3% during the 1st quarter. Meridian Wealth Management LLC now owns 8,877 shares of the software company’s stock valued at $3,405,000 after buying an additional 2,364 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $341.05 on Monday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company’s 50-day moving average is $378.55 and its 200 day moving average is $395.47. The company has a market capitalization of $144.67 billion, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 1.62 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.48 EPS. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent analyst reports. Oppenheimer lowered their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Evercore ISI restated an “outperform” rating and set a $475.00 target price on shares of Adobe in a report on Friday, June 13th. DA Davidson restated a “buy” rating and set a $500.00 target price on shares of Adobe in a report on Friday, June 20th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Finally, Robert W. Baird upped their target price on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a report on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $473.88.

Adobe 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.