New Mexico Educational Retirement Board Sells 800 Shares of Adobe Inc. (NASDAQ:ADBE)

New Mexico Educational Retirement Board lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 3.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,118 shares of the software company’s stock after selling 800 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Adobe were worth $9,391,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in Adobe in the third quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. bought a new position in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Briaud Financial Planning Inc bought a new position in Adobe in the third quarter valued at approximately $36,000. Finally, Decker Retirement Planning Inc. bought a new position in Adobe in the fourth quarter valued at approximately $31,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

NASDAQ:ADBE opened at $460.16 on Friday. The firm’s fifty day moving average price is $448.41 and its two-hundred day moving average price is $497.41. The company has a market cap of $200.31 billion, a P/E ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $607.32. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations 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 in the previous year, the business posted $3.52 earnings per share. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ADBE. Jefferies Financial Group lowered their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Bank of America lowered their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

About Adobe

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.