Adobe Inc. (NASDAQ:ADBE) Shares Sold by TIAA Trust National Association

Key Points

• TIAA Trust National Association has reduced its holdings in Adobe Inc. by 21.7%, now owning 38,209 shares worth approximately $14.65 million.
• Adobe recently reported better-than-expected earnings, with an EPS of $5.06 and revenue of $5.87 billion, surpassing analyst forecasts.
• Analyst ratings for Adobe are mixed, with target prices ranging from $280 to $480, and an overall average rating of "Moderate Buy" with a consensus target price of $473.88.

TIAA Trust National Association decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,209 shares of the software company's stock after selling 10,560 shares during the quarter. TIAA Trust National Association's holdings in Adobe were worth $14,654,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Signature Wealth Management Partners LLC boosted its holdings in shares of Adobe by 31.6% during the first quarter. Signature Wealth Management Partners LLC now owns 917 shares of the software company's stock worth $352,000 after purchasing an additional 220 shares during the last quarter. Pettyjohn Wood & White Inc. boosted its holdings in shares of Adobe by 4.5% during the first quarter. Pettyjohn Wood & White Inc. now owns 8,700 shares of the software company's stock worth $3,337,000 after purchasing an additional 375 shares during the last quarter. UNIVEST FINANCIAL Corp boosted its holdings in shares of Adobe by 154.9% during the first quarter. UNIVEST FINANCIAL Corp now owns 20,102 shares of the software company's stock worth $7,710,000 after purchasing an additional 12,216 shares during the last quarter. Baker Avenue Asset Management LP raised its position in shares of Adobe by 241.5% in the 1st quarter. Baker Avenue Asset Management LP now owns 2,524 shares of the software company's stock worth $968,000 after buying an additional 1,785 shares during the period. Finally, Strategic Advocates LLC purchased a new position in shares of Adobe in the 1st quarter worth $225,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Down 2.8%

Shares of Adobe stock opened at $347.80 on Friday. The business has a 50-day moving average of $385.72 and a 200-day moving average of $398.94. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market capitalization of $147.54 billion, a PE ratio of 22.25, a P/E/G ratio of 1.65 and a beta of 1.52. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results 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 company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $4.48 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. UBS Group increased 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. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and cut their target price for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe 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.

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