Adobe Inc. (NASDAQ:ADBE) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,128 shares of the software company's stock after selling 1,322 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in Adobe were worth $6,797,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ADBE. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company's stock worth $281,000 after purchasing an additional 19 shares during the period. HTLF Bank boosted its stake in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company's stock worth $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC increased its position in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company's stock valued at $309,000 after acquiring an additional 19 shares during the last quarter. Orrstown Financial Services Inc. raised its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company's stock valued at $1,257,000 after acquiring an additional 20 shares during the period. Finally, Orser Capital Management LLC lifted its holdings in shares of Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company's stock worth $3,815,000 after acquiring an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Piper Sandler reissued an "overweight" rating and set a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus increased their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an "outperform" rating for the company in a report on Friday, September 13th. Bank of America reiterated a "buy" rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $606.40.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company's stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company's stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company's stock.

Adobe Stock Performance

NASDAQ ADBE traded down $26.50 during trading on Friday, reaching $503.37. The company's stock had a trading volume of 4,612,417 shares, compared to its average volume of 3,172,124. The business's fifty day moving average price is $509.79 and its 200-day moving average price is $517.96. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a P/E/G ratio of 2.74 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the business posted $3.26 EPS. The company's revenue was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Adobe Company Profile

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.