Kentucky Retirement Systems Sells 566 Shares of Adobe Inc. (NASDAQ:ADBE)

Kentucky Retirement Systems decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,760 shares of the software company’s stock after selling 566 shares during the quarter. Adobe makes up 0.5% of Kentucky Retirement Systems’ portfolio, making the stock its 29th biggest holding. Kentucky Retirement Systems’ holdings in Adobe were worth $18,755,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tradewinds Capital Management LLC grew its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new stake in Adobe in the second quarter worth about $33,000. Steph & Co. raised its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter valued at about $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 1.3 %

Adobe stock opened at $508.13 on Thursday. The business has a fifty day moving average price of $550.53 and a 200-day moving average price of $518.99. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market capitalization of $225.30 billion, a price-to-earnings ratio of 45.65, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

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

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on 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 directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on 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 sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on ADBE. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein decreased their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Robert W. Baird upped their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Mizuho reissued a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

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.