Teacher Retirement System of Texas decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 27.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 142,359 shares of the software company's stock after selling 54,781 shares during the period. Teacher Retirement System of Texas' holdings in Adobe were worth $64,862,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. bought a new stake in Adobe during the fourth quarter worth about $35,000. Delos Wealth Advisors LLC lifted its stake in Adobe by 169.6% during the fourth quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company's stock worth $35,000 after purchasing an additional 39 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in shares of Adobe in the 4th quarter valued at about $36,000. Core Alternative Capital lifted its stake in shares of Adobe by 67.5% in the 4th quarter. Core Alternative Capital now owns 67 shares of the software company's stock valued at $38,000 after acquiring an additional 27 shares during the last quarter. Finally, Sierra Capital LLC lifted its stake in shares of Adobe by 106.1% in the 4th quarter. Sierra Capital LLC now owns 68 shares of the software company's stock valued at $39,000 after acquiring an additional 35 shares during the last quarter. Institutional investors own 82.54% of the company's stock.
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A number of equities research analysts have recently weighed in on ADBE shares. Wells Fargo & Company lowered their target price on Adobe from $525.00 to $425.00 and set an "overweight" rating for the company in a research note on Friday, June 17th. Cowen lowered their target price on Adobe from $550.00 to $520.00 and set an "outperform" rating for the company in a research note on Friday, June 17th. Barclays lowered their target price on Adobe from $530.00 to $445.00 and set an "overweight" rating for the company in a research note on Friday, June 17th. Piper Sandler reduced their price target on Adobe from $545.00 to $430.00 and set an "overweight" rating on the stock in a report on Friday, June 17th. Finally, Stifel Nicolaus reduced their price target on Adobe from $600.00 to $500.00 in a report on Friday, June 17th. Six research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $489.31.
Adobe Stock Performance
Shares of ADBE opened at $433.43 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The business's 50 day moving average price is $392.99 and its 200-day moving average price is $427.73. Adobe Inc. has a 52 week low of $338.00 and a 52 week high of $699.54. The stock has a market cap of $202.85 billion, a P/E ratio of 42.33, a P/E/G ratio of 2.37 and a beta of 1.12.Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 EPS for the quarter, topping analysts' consensus estimates of $2.65 by $0.05. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The firm had revenue of $4.39 billion for the quarter, compared to analysts' expectations of $4.34 billion. During the same period in the previous year, the firm posted $2.56 EPS. Equities research analysts anticipate that Adobe Inc. will post 10.99 earnings per share for the current fiscal year.
Insider Activity at Adobe
In related news, EVP Scott Belsky sold 2,711 shares of the company's stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the transaction, the executive vice president now directly owns 26,089 shares of the company's stock, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Scott Belsky sold 2,711 shares of the company's stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the transaction, the executive vice president now directly owns 26,089 shares of the company's stock, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the company's stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,465 shares in the company, valued at $1,010,033.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,637 shares of company stock valued at $1,438,682. 0.23% of the stock is owned by corporate insiders.
Adobe Profile
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Adobe Inc 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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