New York State Teachers Retirement System lessened its stake in shares of Adobe Inc (NASDAQ:ADBE) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 720,382 shares of the software company’s stock after selling 22,983 shares during the period. New York State Teachers Retirement System owned approximately 0.15% of Adobe worth $162,979,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Morgan Stanley boosted its stake in shares of Adobe by 41.6% in the 3rd quarter. Morgan Stanley now owns 4,858,611 shares of the software company’s stock worth $1,311,581,000 after buying an additional 1,426,859 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Adobe by 50.9% in the 3rd quarter. AQR Capital Management LLC now owns 3,998,483 shares of the software company’s stock worth $1,079,391,000 after buying an additional 1,349,015 shares during the last quarter. Edgewood Management LLC boosted its stake in shares of Adobe by 54.4% in the 3rd quarter. Edgewood Management LLC now owns 3,580,613 shares of the software company’s stock worth $966,586,000 after buying an additional 1,261,201 shares during the last quarter. Rehmann Capital Advisory Group lifted its position in Adobe by 27,901.2% during the third quarter. Rehmann Capital Advisory Group now owns 1,232,051 shares of the software company’s stock valued at $4,564,000 after purchasing an additional 1,227,651 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in Adobe by 298.2% during the fourth quarter. Fisher Asset Management LLC now owns 1,627,565 shares of the software company’s stock valued at $368,220,000 after purchasing an additional 1,218,872 shares in the last quarter. 92.64% of the stock is owned by institutional investors.
In related news, EVP Bradley Rencher sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $246.46, for a total value of $7,393,800.00. Following the sale, the executive vice president now directly owns 42,340 shares of the company’s stock, valued at $10,435,116.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Lewnes sold 2,955 shares of the firm’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $225.38, for a total value of $665,997.90. Following the completion of the sale, the executive vice president now directly owns 52,692 shares in the company, valued at $11,875,722.96. The disclosure for this sale can be found here. Insiders sold 282,299 shares of company stock worth $68,899,256 in the last 90 days. 0.33% of the stock is owned by company insiders.
Several research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating in a research report on Tuesday. Credit Suisse Group reiterated a “buy” rating and set a $300.00 price target on shares of Adobe in a research report on Friday, January 25th. Stephens initiated coverage on Adobe in a report on Wednesday, January 16th. They set an “equal weight” rating and a $278.00 price objective for the company. ValuEngine raised Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. Finally, BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, January 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Adobe presently has a consensus rating of “Buy” and an average price target of $284.62.
ADBE opened at $260.23 on Thursday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $126.75 billion, a P/E ratio of 46.89, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15. Adobe Inc has a 1-year low of $191.95 and a 1-year high of $277.61.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, December 13th. The software company reported $1.83 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.43 billion. Adobe had a return on equity of 31.19% and a net margin of 28.69%. The firm’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.26 EPS. As a group, equities analysts expect that Adobe Inc will post 6.21 earnings per share for the current year.
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Adobe Company Profile
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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