Kentucky Retirement Systems trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 5.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 30,066 shares of the software company's stock after selling 1,673 shares during the quarter. Kentucky Retirement Systems' holdings in Adobe were worth $13,699,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Adobe by 204.0% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,532 shares of the software company's stock valued at $870,000 after purchasing an additional 1,028 shares during the last quarter. Intelligence Driven Advisers LLC bought a new position in shares of Adobe during the fourth quarter valued at approximately $278,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Adobe during the fourth quarter valued at approximately $145,000. Fisher Asset Management LLC lifted its position in Adobe by 4.7% during the fourth quarter. Fisher Asset Management LLC now owns 6,739,460 shares of the software company's stock valued at $3,821,679,000 after acquiring an additional 304,991 shares during the last quarter. Finally, Pictet & Cie Europe SA lifted its position in Adobe by 7.3% during the fourth quarter. Pictet & Cie Europe SA now owns 20,806 shares of the software company's stock valued at $11,798,000 after acquiring an additional 1,414 shares during the last quarter. 82.54% of the stock is currently owned by hedge funds and other institutional investors.

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Adobe Stock Performance

NASDAQ:ADBE opened at $433.43 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. The company's 50-day moving average price is $392.99 and its 200-day moving average price is $427.11. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54. The company has a market cap of $202.85 billion, a P/E ratio of 42.33, a P/E/G ratio of 2.39 and a beta of 1.12.

Adobe (NASDAQ:ADBE – Get Rating) last issued its 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 net margin of 29.29% and a return on equity of 36.70%. The company had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the firm earned $2.56 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 10.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Bank of America decreased their target price on shares of Adobe from $560.00 to $450.00 and set a "buy" rating for the company in a research report on Friday, June 17th. UBS Group decreased their target price on shares of Adobe from $450.00 to $415.00 and set a "neutral" rating for the company in a research report on Friday, June 17th. Wells Fargo & Company decreased their price target on shares of Adobe from $525.00 to $425.00 and set an "overweight" rating for the company in a report on Friday, June 17th. Stifel Nicolaus decreased their price target on shares of Adobe from $600.00 to $500.00 in a report on Friday, June 17th. Finally, Oppenheimer cut their price objective on shares of Adobe from $560.00 to $400.00 and set an "outperform" rating on the stock in a research note on Friday, June 17th. Six investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $489.31.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction 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 $10,268,108.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 132 shares of Adobe 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 owns 2,465 shares in the company, valued at $1,010,033.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares of the company's stock, valued at approximately $10,268,108.62. The disclosure for this sale can be found here. Insiders have sold 3,637 shares of company stock valued at $1,438,682 over the last ninety days. Company insiders own 0.23% of the company's stock.

Adobe Company 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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