New Mexico Educational Retirement Board Purchases 3,600 Shares of Adobe Inc. (NASDAQ:ADBE)

New Mexico Educational Retirement Board boosted its position in Adobe Inc. (NASDAQ:ADBE) by 15.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,418 shares of the software company’s stock after acquiring an additional 3,600 shares during the quarter. Adobe accounts for 0.5% of New Mexico Educational Retirement Board’s holdings, making the stock its 25th largest holding. New Mexico Educational Retirement Board’s holdings in Adobe were worth $13,835,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Adobe during the fourth quarter worth $3,277,785,000. Wellington Management Group LLP grew its stake in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Adobe in the fourth quarter valued at $875,592,000. Price T Rowe Associates Inc. MD lifted its holdings in Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares during the period. Finally, Putnam Investments LLC lifted its holdings in Adobe by 41.2% in the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after buying an additional 307,479 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

NASDAQ ADBE traded up $8.78 on Friday, hitting $555.54. The stock had a trading volume of 5,084,543 shares, compared to its average volume of 4,723,748. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The company has a market capitalization of $246.33 billion, a price-to-earnings ratio of 49.91, a price-to-earnings-growth ratio of 2.90 and a beta of 1.27. The firm has a 50-day moving average of $485.04 and a 200-day moving average of $534.90.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $3.04 EPS. Equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its board has approved a stock 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 purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent analyst reports. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Barclays upped their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $607.67.

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.