Teachers Retirement System of The State of Kentucky Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Teachers Retirement System of The State of Kentucky lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,022 shares of the software company's stock after purchasing an additional 5,869 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Adobe were worth $35,585,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Adobe in the fourth quarter worth $2,553,035,000. Proficio Capital Partners LLC grew its holdings in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after purchasing an additional 952,233 shares during the last quarter. FIL Ltd grew its holdings in shares of Adobe by 130.9% in the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after acquiring an additional 730,520 shares in the last quarter. Finally, Edgewood Management LLC grew its stake in Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company's stock, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. 0.16% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a report on Tuesday. UBS Group dropped their price objective on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Bank of America decreased their price target on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Up 1.9 %

Shares of NASDAQ ADBE traded up $6.81 during midday trading on Friday, hitting $367.72. 3,496,634 shares of the stock traded hands, compared to its average volume of 3,429,604. 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 business has a 50 day moving average price of $394.82 and a two-hundred day moving average price of $446.30. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a market cap of $156.72 billion, a PE ratio of 29.65, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the company earned $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Adobe 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.