New York State Teachers Retirement System Buys 10,823 Shares of Adobe Inc. $ADBE

Key Points

• The New York State Teachers Retirement System increased its stake in Adobe Inc. by 2.9%, acquiring an additional 10,823 shares during the second quarter, bringing its total ownership to 380,587 shares valued at approximately $147 million.
• Several analysts have revised their price targets for Adobe, with Evercore ISI cutting its target from $475 to $450 and Citigroup lowering its target from $450 to $400, while a recent consensus rates the stock as a "Hold".
• Adobe reported earnings of $5.31 per share, exceeding analysts' expectations, with a total revenue of $5.99 billion for the quarter, reflecting a 10.7% year-over-year increase.

New York State Teachers Retirement System lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 380,587 shares of the software company's stock after purchasing an additional 10,823 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Adobe worth $147,241,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Davidson Investment Advisors boosted its position in shares of Adobe by 1.0% in the 2nd quarter. Davidson Investment Advisors now owns 27,453 shares of the software company's stock worth $10,621,000 after purchasing an additional 277 shares in the last quarter. Nexus Investment Management ULC bought a new position in Adobe in the 2nd quarter valued at approximately $31,000. Dash Acquisitions Inc. lifted its position in Adobe by 1.8% in the 2nd quarter. Dash Acquisitions Inc. now owns 30,438 shares of the software company's stock valued at $11,337,000 after acquiring an additional 545 shares in the last quarter. Chesapeake Wealth Management lifted its position in Adobe by 1.9% in the 2nd quarter. Chesapeake Wealth Management now owns 2,283 shares of the software company's stock valued at $883,000 after acquiring an additional 42 shares in the last quarter. Finally, Kennon Green & Company LLC lifted its position in Adobe by 26.4% in the 2nd quarter. Kennon Green & Company LLC now owns 7,776 shares of the software company's stock valued at $3,049,000 after acquiring an additional 1,622 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Friday, September 12th. Evercore ISI lowered their price objective on Adobe from $475.00 to $450.00 and set an "outperform" rating on the stock in a research report on Friday, September 12th. Citigroup lowered their price objective on Adobe from $450.00 to $400.00 and set a "neutral" rating on the stock in a research report on Thursday, September 11th. Mizuho cut Adobe from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 24th. Finally, Melius cut Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective on the stock. in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $433.41.

Adobe Price Performance

Shares of ADBE opened at $330.63 on Thursday. The firm has a market cap of $138.40 billion, a PE ratio of 20.60, a P/E/G ratio of 1.51 and a beta of 1.49. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $351.33 and a two-hundred day simple moving average of $369.58. Adobe Inc. has a 1-year low of $329.20 and a 1-year high of $557.90.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share for the quarter, beating analysts' consensus estimates of $5.18 by $0.13. The business had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $4.65 EPS. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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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