Public Employees Retirement System of Ohio has increased its stake in Adobe Inc. by 3.3% in the fourth quarter, according to the recent disclosure with the Securities and Exchange Commission. The fund now owns 249,115 shares of the software company’s stock, adding an additional 7,892 shares during the quarter. Adobe makes up about 0.6% of Public Employees Retirement System of Ohio’s investment portfolio, ranking as its 23rd largest holding. The fund’s stake in Adobe is currently valued at $148,622,000.
In addition to Public Employees Retirement System of Ohio, other hedge funds have also shown interest in Adobe. Norges Bank acquired a new stake in Adobe in the fourth quarter worth approximately $3,277,785,000, while International Assets Investment Management LLC purchased shares of Adobe valued at $875,592,000. Invesco Ltd. increased its holdings in Adobe by 25.1% during the third quarter, now owning 4,438,805 shares of the software company’s stock. Price T Rowe Associates Inc. MD also grew its position in Adobe by 10.0% in the fourth quarter, now owning 6,497,332 shares. Putnam Investments LLC increased its stake in Adobe by 41.2% in the fourth quarter, owning 1,053,424 shares.
Insider transactions at Adobe have also been notable. EVP Scott Belsky sold 2,713 shares of the company’s stock, while CAO Mark S. Garfield sold 96 shares. Over the last three months, insiders have collectively sold 3,006 shares of Adobe stock, amounting to $1,424,432.
Adobe’s stock performance has been impacted, with the company’s shares opening at $458.74 on Friday. The company’s market cap stands at $205.52 billion, with a P/E ratio of 43.86 and a beta of 1.27. Adobe reported earnings per share of $4.48 for the last quarter, surpassing analysts’ estimates. The company had revenue of $5.31 billion for the quarter, showing a 10.2% increase compared to the same quarter last year.
Looking ahead, Adobe announced a stock repurchase plan authorizing the company to repurchase $25.00 billion in shares. This move suggests that the company’s management believes its stock is undervalued.
Several research firms have shared their insights on Adobe’s performance, with Mizuho, TD Cowen, and Stifel Nicolaus adjusting their price targets for the company. Despite recent fluctuations, Adobe continues to be a prominent player in the software industry.
Investors considering Adobe should keep an eye on market trends and analyst recommendations to make informed decisions. Adobe’s diverse software offerings and market presence position it as a key player in the digital landscape.
