Teacher Retirement System of Texas Sells 51,119 Shares of Adobe Inc. (NASDAQ:ADBE)

Teacher Retirement System of Texas trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 213,671 shares of the software company's stock after selling 51,119 shares during the quarter. Teacher Retirement System of Texas owned 0.05% of Adobe worth $81,949,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH boosted its stake in shares of 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 purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the first quarter worth $26,000. SWAN Capital LLC bought a new stake in Adobe during the 4th quarter valued at $28,000. Copia Wealth Management purchased a new stake in Adobe during the 4th quarter valued at $28,000. Finally, Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter valued at about $31,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ADBE shares. Jefferies Financial Group reduced their price target on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. BMO Capital Markets reissued an "outperform" rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Citigroup dropped their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Bank of America boosted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, Robert W. Baird upped their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $480.08.

Adobe Price Performance

ADBE opened at $378.47 on Thursday. The firm has a market cap of $160.55 billion, a PE ratio of 24.21, a P/E/G ratio of 1.86 and a beta of 1.51. The stock has a 50-day moving average price of $395.48 and a 200-day moving average price of $409.36. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. 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 (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $5.87 billion during 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%. Adobe's revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $4.48 EPS. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.

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