New York State Teachers Retirement System Sells 19,279 Shares of Adobe Inc. (NASDAQ:ADBE)

New York State Teachers Retirement System decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 369,764 shares of the software company's stock after selling 19,279 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Adobe worth $141,816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH boosted its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new stake in Adobe in the 4th quarter valued at about $28,000. Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter valued at about $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the 4th quarter worth approximately $31,000. Finally, Garde Capital Inc. acquired a new position in shares of Adobe in the 1st quarter worth approximately $34,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.3%

Shares of Adobe stock traded up $1.09 during trading on Thursday, hitting $379.56. 2,863,680 shares of the stock traded hands, compared to its average volume of 3,423,307. The stock has a market cap of $161.01 billion, a P/E ratio of 24.28, a PEG ratio of 1.86 and a beta of 1.51. The company has a fifty day moving average price of $395.48 and a two-hundred day moving average price of $409.36. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of a number of research reports. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. BMO Capital Markets restated an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $480.08.

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.