Adobe Inc. (NASDAQ:ADBE) Shares Sold by TIAA Trust National Association

TIAA Trust National Association lowered its position in Adobe Inc. (NASDAQ:ADBE) by 27.5% in the fourth quarter, HoldingsChannel reports. The firm 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 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ADBE. Nordea Investment Management AB lifted its stake in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the last quarter. Arizona State Retirement System raised its holdings in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after buying an additional 570 shares during the period. Public Sector Pension Investment Board lifted its position in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc raised its stake in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. DA Davidson dropped their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. UBS Group set a $495.00 target price on Adobe in a research report on Thursday, March 13th. Finally, Wells Fargo & Company reduced their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Eleven research 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.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $538.80.

Adobe Stock Performance

NASDAQ ADBE opened at $403.64 on Wednesday. The company has a fifty day moving average of $433.70 and a two-hundred day moving average of $472.75. The company has a market capitalization of $175.75 billion, a PE ratio of 32.55, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the business posted $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last 90 days. 0.16% of the stock is owned by insiders.

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.