New York State Teachers Retirement System Sells 17,048 Shares of Adobe Inc. (NASDAQ:ADBE)

New York State Teachers Retirement System reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 389,043 shares of the software company’s stock after selling 17,048 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of Adobe worth $173,000,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Onyx Bridge Wealth Group LLC increased its position in shares of Adobe by 4.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. increased its position in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares during the last quarter. 1ST Source Bank increased its position in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the last quarter. James J. Burns & Company LLC increased its position in shares of Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after acquiring an additional 22 shares during the last quarter. Finally, Holistic Financial Partners increased its position in shares of Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Adobe stock opened at $459.22 on Friday. The stock’s 50 day simple moving average is $449.99 and its two-hundred day simple moving average is $497.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $199.90 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 2.11 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $610.33.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.52 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $590.00 price target on shares of Adobe in a research report on Thursday. DA Davidson decreased their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Citigroup decreased their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Finally, Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.