Adobe Inc (NASDAQ:ADBE) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lowered its position in Adobe Inc (NASDAQ:ADBE) by 10.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,950 shares of the software company’s stock after selling 5,300 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Adobe were worth $19,567,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Lloyd Advisory Services LLC. raised its position in shares of Adobe by 256.5% during the 1st quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after purchasing an additional 59 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in shares of Adobe during the 2nd quarter worth about $30,000. Harvest Group Wealth Management LLC acquired a new position in shares of Adobe during the 2nd quarter worth about $30,000. Cedar Mountain Advisors LLC raised its position in shares of Adobe by 81.0% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock worth $33,000 after purchasing an additional 34 shares during the last quarter. Finally, Rockbridge Investment Management LCC acquired a new position in shares of Adobe during the 2nd quarter worth about $36,000. Institutional investors and hedge funds own 84.03% of the company’s stock.

Several research firms recently weighed in on ADBE. Barclays upped their price target on shares of Adobe from $530.00 to $600.00 and gave the stock an “overweight” rating in a research report on Wednesday. Piper Sandler upped their price objective on shares of Adobe from $430.00 to $570.00 and gave the company an “overweight” rating in a research note on Wednesday. Wedbush reaffirmed a “hold” rating and set a $410.00 price objective (up previously from $315.00) on shares of Adobe in a research note on Friday, June 12th. Zacks Investment Research cut shares of Adobe from a “hold” rating to a “sell” rating and set a $421.00 price objective for the company. in a research note on Tuesday, June 16th. Finally, Morgan Stanley increased their price target on shares of Adobe from $450.00 to $560.00 and gave the company an “overweight” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $486.42.

Adobe stock traded down $21.67 during midday trading on Wednesday, hitting $476.00. 8,458,955 shares of the company’s stock were exchanged, compared to its average volume of 3,275,031. Adobe Inc has a 12-month low of $255.13 and a 12-month high of $536.88. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market cap of $233.07 billion, a price-to-earnings ratio of 63.74, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. The firm’s 50 day simple moving average is $470.05 and its 200 day simple moving average is $395.83.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.41 by $0.16. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period last year, the firm posted $2.05 EPS. Adobe’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, equities research analysts forecast that Adobe Inc will post 8.05 EPS for the current fiscal year.

In other news, CEO Shantanu Narayen sold 10,000 shares of Adobe stock in a transaction dated Wednesday, July 15th. The shares were sold at an average price of $432.68, for a total value of $4,326,800.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of Adobe stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $436.08, for a total transaction of $2,180,400.00. Following the completion of the sale, the chief marketing officer now directly owns 44,874 shares in the company, valued at approximately $19,568,653.92. The disclosure for this sale can be found here. Insiders have sold a total of 87,383 shares of company stock worth $39,265,514 over the last three months. 0.31% of the stock is currently owned by insiders.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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