Kentucky Retirement Systems Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Kentucky Retirement Systems lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 29,729 shares of the software company's stock after selling 741 shares during the period. Kentucky Retirement Systems' holdings in Adobe were worth $11,402,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH raised its holdings in Adobe by 252.9% during the 4th 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 during the period. SWAN Capital LLC purchased a new stake in Adobe in the fourth quarter worth $28,000. Copia Wealth Management purchased a new stake in Adobe in the fourth quarter worth $28,000. Summit Securities Group LLC purchased a new stake in Adobe in the fourth quarter worth $31,000. Finally, Garde Capital Inc. purchased a new stake in Adobe in the first quarter worth $34,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. UBS Group increased their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Evercore ISI reiterated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Citigroup reduced their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Finally, DA Davidson reiterated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research note on Friday. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $496.75.

Adobe Price Performance

Shares of ADBE stock opened at $376.92 on Friday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock's 50-day moving average is $389.67 and its 200 day moving average is $416.35. The company has a market cap of $160.64 billion, a P/E ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18.

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.

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