TIAA Trust National Association Sells 18,503 Shares of Adobe Inc. (NASDAQ:ADBE)

TIAA Trust National Association decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 27.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,769 shares of the software company’s stock after selling 18,503 shares during the period. TIAA Trust National Association’s holdings in Adobe were worth $21,687,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of ADBE. State Street Corp raised its stake in shares of Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares in the last quarter. Geode Capital Management LLC grew its holdings in Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the last quarter. FMR LLC increased its position in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Adobe by 3.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after purchasing an additional 92,458 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 2.3 %

Adobe stock opened at $403.64 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $175.75 billion, a PE ratio of 32.55, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The business has a 50 day simple moving average of $433.70 and a 200-day simple moving average of $472.75. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent analyst reports. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Stifel Nicolaus dropped their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Oppenheimer dropped their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by corporate insiders.

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.