Adobe Inc. (NASDAQ:ADBE) Stock Position Trimmed by Kentucky Retirement Systems

Kentucky Retirement Systems trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,890 shares of the software company’s stock after selling 2,870 shares during the period. Kentucky Retirement Systems’ holdings in Adobe were worth $15,994,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Alera Investment Advisors LLC lifted its holdings in Adobe by 19.8% in the first quarter. Alera Investment Advisors LLC now owns 471 shares of the software company’s stock worth $238,000 after purchasing an additional 78 shares during the period. Nicola Wealth Management LTD. lifted its stake in shares of Adobe by 31.0% in the 1st quarter. Nicola Wealth Management LTD. now owns 38,000 shares of the software company’s stock worth $19,175,000 after acquiring an additional 9,000 shares during the period. Edgestream Partners L.P. raised its holdings in Adobe by 113.0% during the first quarter. Edgestream Partners L.P. now owns 6,502 shares of the software company’s stock worth $3,281,000 after purchasing an additional 3,449 shares in the last quarter. Jacobi Capital Management LLC raised its holdings in Adobe by 1.7% during the first quarter. Jacobi Capital Management LLC now owns 3,960 shares of the software company’s stock worth $1,998,000 after purchasing an additional 66 shares in the last quarter. Finally, Catalytic Wealth RIA LLC lifted its position in Adobe by 98.6% in the first quarter. Catalytic Wealth RIA LLC now owns 1,245 shares of the software company’s stock worth $628,000 after purchasing an additional 618 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 5.0 %

Shares of ADBE stock opened at $503.37 on Friday. The stock has a 50 day moving average of $509.79 and a 200-day moving average of $517.96. The firm has a market cap of $221.58 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 EPS. On average, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADBE. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Finally, Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was 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 approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

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.