Teachers Retirement System of The State of Kentucky Sells 4,192 Shares of Adobe Inc. (NASDAQ:ADBE)

Teachers Retirement System of The State of Kentucky reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 75,830 shares of the software company's stock after selling 4,192 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Adobe were worth $29,082,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Adobe by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares in the last quarter. Norges Bank bought a new position in shares of Adobe in the 4th quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after acquiring an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.2%

ADBE opened at $365.79 on Friday. The company has a fifty day moving average price of $394.20 and a 200-day moving average price of $402.72. The firm has a market capitalization of $155.17 billion, a P/E ratio of 23.40, a price-to-earnings-growth ratio of 1.73 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.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates 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% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ADBE. Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Wall Street Zen downgraded Adobe from a "buy" rating to a "hold" rating in a research note on Friday. Mizuho cut their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Finally, JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.