California State Teachers Retirement System Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

California State Teachers Retirement System trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 688,522 shares of the software company's stock after selling 24,188 shares during the quarter. California State Teachers Retirement System owned approximately 0.16% of Adobe worth $306,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in Adobe in the 3rd quarter worth about $4,167,000. Morse Asset Management Inc lifted its stake in shares of Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock worth $4,398,000 after buying an additional 2,088 shares during the period. Te Ahumairangi Investment Management Ltd raised its holdings in shares of Adobe by 12.9% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock worth $2,294,000 after purchasing an additional 510 shares during the last quarter. Anchor Investment Management LLC grew its position in shares of Adobe by 1.6% during the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock valued at $8,420,000 after acquiring an additional 255 shares during the period. Finally, Pine Valley Investments Ltd Liability Co boosted its position in Adobe by 13.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company's stock worth $13,168,000 after purchasing an additional 3,071 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by insiders.

Adobe Stock Up 1.1 %

ADBE stock traded up $4.00 during trading on Wednesday, hitting $374.98. 3,297,049 shares of the stock traded hands, compared to its average volume of 3,434,441. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm's 50 day moving average is $388.06 and its two-hundred day moving average is $442.81. The stock has a market cap of $159.82 billion, a price-to-earnings ratio of 30.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ADBE shares. DA Davidson cut their target price on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Mizuho reduced their target price on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $502.88.

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.