New York State Common Retirement Fund Sells 19,069 Shares of Adobe Inc. (NASDAQ:ADBE)

New York State Common Retirement Fund lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 585,709 shares of the software company's stock after selling 19,069 shares during the quarter. New York State Common Retirement Fund owned 0.14% of Adobe worth $224,637,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. BankPlus Trust Department raised its stake in Adobe by 8,100.0% during the 1st quarter. BankPlus Trust Department now owns 164 shares of the software company's stock worth $63,000 after buying an additional 162 shares during the period. Kathmere Capital Management LLC boosted its stake in Adobe by 20.5% in the 1st quarter. Kathmere Capital Management LLC now owns 3,232 shares of the software company's stock worth $1,240,000 after purchasing an additional 550 shares during the period. Ballentine Partners LLC boosted its stake in Adobe by 14.8% in the 1st quarter. Ballentine Partners LLC now owns 8,082 shares of the software company's stock worth $3,099,000 after purchasing an additional 1,041 shares during the period. Riversedge Advisors LLC acquired a new position in Adobe in the 1st quarter worth $207,000. Finally, Callahan Advisors LLC boosted its stake in Adobe by 34.7% in the 1st quarter. Callahan Advisors LLC now owns 19,620 shares of the software company's stock worth $7,525,000 after purchasing an additional 5,054 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Mizuho reduced their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Robert W. Baird upped their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Citigroup reduced their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price target (up 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 given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Performance

Adobe stock traded up $1.32 during trading hours on Monday, hitting $364.67. The company had a trading volume of 829,629 shares, compared to its average volume of 3,832,000. The firm has a market cap of $154.69 billion, a PE ratio of 23.32, a PEG ratio of 1.72 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm has a 50-day moving average of $396.03 and a 200 day moving average of $405.23.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the business earned $4.48 earnings per share. The firm's quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

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.