Adobe Inc. (NASDAQ:ADBE) Stake Reduced by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 86.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 81,489 shares of the software company’s stock after selling 539,652 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Adobe were worth $42,193,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the 3rd quarter valued at approximately $30,000. Summit Securities Group LLC bought a new stake in Adobe during the 2nd quarter valued at $33,000. Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter worth $39,000. Finally, Briaud Financial Planning Inc bought a new position in shares of Adobe in the third quarter worth $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Finally, Oppenheimer restated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of Adobe stock opened at $512.15 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a fifty day simple moving average of $503.13 and a 200-day simple moving average of $519.25. The stock has a market capitalization of $225.45 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the company earned $3.26 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.