Kentucky Retirement Systems Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Kentucky Retirement Systems lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 33,760 shares of the software company’s stock after selling 566 shares during the quarter. Adobe comprises approximately 0.5% of Kentucky Retirement Systems’ investment portfolio, making the stock its 29th biggest position. Kentucky Retirement Systems’ holdings in Adobe were worth $18,755,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Concentrum Wealth Management boosted its holdings in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC raised its stake in Adobe by 5.9% in the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares during the last quarter. Gryphon Financial Partners LLC boosted its stake in Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the last quarter. TrinityPoint Wealth LLC boosted its position in Adobe by 3.0% during the fourth quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock worth $654,000 after acquiring an additional 32 shares during the last quarter. Finally, Sachetta LLC acquired a new position in shares of Adobe during the 4th quarter worth approximately $83,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock worth $14,855,543 in the last quarter. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Friday, September 13th. Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Finally, Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.58.

Adobe Stock Down 1.3 %

Adobe stock opened at $508.13 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a 50-day simple moving average of $550.53 and a 200-day simple moving average of $518.99. The company has a market capitalization of $225.30 billion, a P/E ratio of 45.65, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 earnings per share. Equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

About Adobe

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.