State of Tennessee Department of Treasury Sells 12,808 Shares of Adobe Inc. (NASDAQ:ADBE)

State of Tennessee Department of Treasury lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,756 shares of the software company's stock after selling 12,808 shares during the quarter. State of Tennessee Department of Treasury's holdings in Adobe were worth $78,600,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Norges Bank acquired a new stake in Adobe in the fourth quarter worth approximately $2,553,035,000. Edgewood Management LLC boosted its stake in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock valued at $1,249,066,000 after purchasing an additional 92,458 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Adobe by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after buying an additional 163,983 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ADBE shares. UBS Group reduced their price objective on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Wells Fargo & Company dropped their price target on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a report on Tuesday. Evercore ISI reduced their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Finally, Royal Bank of Canada dropped their price target on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe Trading Up 1.9 %

NASDAQ:ADBE traded up $6.81 on Friday, hitting $367.72. 3,497,670 shares of the stock were exchanged, compared to its average volume of 3,434,326. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market capitalization of $156.72 billion, a price-to-earnings ratio of 29.65, a P/E/G ratio of 2.15 and a beta of 1.49. The company's 50-day moving average price is $392.89 and its 200 day moving average price is $445.42.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.16% of the company's stock.

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.