Teacher Retirement System of Texas Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Teacher Retirement System of Texas lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 19.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 213,671 shares of the software company’s stock after selling 51,119 shares during the quarter. Teacher Retirement System of Texas’ holdings in Adobe were worth $81,949,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. Copia Wealth Management bought a new position in Adobe during the fourth quarter valued at approximately $28,000. SWAN Capital LLC bought a new stake in Adobe in the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe during the 1st quarter valued at $26,000. Summit Securities Group LLC purchased a new position in shares of Adobe in the 4th quarter worth $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. BMO Capital Markets reissued an “outperform” rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Rothschild & Co Redburn cut shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective on the stock. in a research note on Wednesday. Oppenheimer dropped their price objective on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $480.08.

Adobe Trading Down 3.5%

Adobe stock opened at $378.47 on Thursday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm’s 50 day moving average price is $395.48 and its 200-day moving average price is $409.36. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market cap of $160.55 billion, a P/E ratio of 24.21, a PEG ratio of 1.86 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the company earned $4.48 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share 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.