Strs Ohio Purchases Shares of 97,393 Adobe Inc. $ADBE

Strs Ohio purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 97,393 shares of the software company’s stock, valued at approximately $37,353,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Copia Wealth Management bought a new stake in Adobe in the fourth quarter valued at $28,000. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter worth $28,000. 1248 Management LLC acquired a new position in Adobe during the first quarter worth $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the first quarter worth $26,000. Finally, Flaharty Asset Management LLC acquired a new position in Adobe during the first quarter worth $29,000. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 0.1%

Shares of ADBE opened at $350.55 on Friday. 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 Inc. has a fifty-two week low of $330.04 and a fifty-two week high of $587.75. The firm has a 50 day moving average price of $357.92 and a 200-day moving average price of $380.45. The firm has a market cap of $148.70 billion, a price-to-earnings ratio of 22.43, a PEG ratio of 1.66 and a beta of 1.48.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping 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%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $4.48 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on ADBE. Redburn Partners set a $280.00 price objective on shares of Adobe in a report on Monday, September 1st. Citigroup lowered their price objective on shares of Adobe from $450.00 to $400.00 and set a “neutral” rating on the stock in a report on Thursday. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price for the company. in a report on Wednesday, July 2nd. Finally, Stifel Nicolaus lowered their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a report on Friday, June 13th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $444.89.

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.