New York State Common Retirement Fund Sells 57,030 Shares of Adobe Inc. (NASDAQ:ADBE)

New York State Common Retirement Fund lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 7.2% in the 4th quarter, Holdings Channel reports. The firm owned 730,300 shares of the software company’s stock after selling 57,030 shares during the quarter. Adobe accounts for approximately 0.6% of New York State Common Retirement Fund’s portfolio, making the stock its 22nd largest position. New York State Common Retirement Fund’s holdings in Adobe were worth $435,697,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Legacy Capital Wealth Partners LLC bought a new stake in shares of Adobe during the 3rd quarter valued at about $268,000. Rothschild Investment LLC IL boosted its position in shares of Adobe by 31.1% during the 3rd quarter. Rothschild Investment LLC IL now owns 763 shares of the software company’s stock valued at $389,000 after acquiring an additional 181 shares during the last quarter. Essex LLC boosted its position in shares of Adobe by 74.2% during the 3rd quarter. Essex LLC now owns 1,371 shares of the software company’s stock valued at $699,000 after acquiring an additional 584 shares during the last quarter. Capital Investment Advisors LLC boosted its position in shares of Adobe by 13.3% during the 3rd quarter. Capital Investment Advisors LLC now owns 1,980 shares of the software company’s stock valued at $1,009,000 after acquiring an additional 233 shares during the last quarter. Finally, TTP Investments Inc. boosted its position in shares of Adobe by 13.5% during the 3rd quarter. TTP Investments Inc. now owns 1,812 shares of the software company’s stock valued at $924,000 after acquiring an additional 216 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $1.87 during midday trading on Monday, reaching $466.89. 2,602,910 shares of the company’s stock traded hands, compared to its average volume of 3,559,545. The company has a market cap of $209.17 billion, a price-to-earnings ratio of 44.64, a P/E/G ratio of 2.52 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock has a 50 day moving average of $524.19 and a 200 day moving average of $566.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.97 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. HSBC dropped their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. dropped their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Mizuho restated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, DA Davidson restated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by 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.