Adobe Inc. (NASDAQ:ADBE) Holdings Boosted by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 53,278 shares of the software company’s stock after acquiring an additional 5,749 shares during the period. Adobe accounts for 0.5% of Illinois Municipal Retirement Fund’s investment portfolio, making the stock its 19th biggest position. Illinois Municipal Retirement Fund’s holdings in Adobe were worth $31,786,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates raised its stake in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at about $35,000. Finally, BluePath Capital Management LLC bought a new stake in shares of Adobe in the 3rd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock worth $1,848,418 over the last three months. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADBE. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. TD Cowen cut their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Wells Fargo & Company decreased their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

NASDAQ ADBE traded up $1.87 on Monday, reaching $466.89. The company’s stock had a trading volume of 2,602,910 shares, compared to its average volume of 3,559,545. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $209.17 billion, a PE ratio of 44.64, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. The business has a 50-day moving average price of $524.19 and a 200 day moving average price of $566.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.97 EPS. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has authorized a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.