Massmutual Trust Co. FSB ADV lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 4.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,079 shares of the software company’s stock after purchasing an additional 1,850 shares during the period. Adobe comprises about 1.3% of Massmutual Trust Co. FSB ADV’s investment portfolio, making the stock its 17th largest position. Massmutual Trust Co. FSB ADV’s holdings in Adobe were worth $22,108,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently bought and sold shares of the stock. Roble Belko & Company Inc lifted its holdings in shares of Adobe by 216.7% in the 3rd quarter. Roble Belko & Company Inc now owns 57 shares of the software company’s stock worth $28,000 after buying an additional 39 shares during the period. Horan Capital Advisors LLC. purchased a new stake in Adobe in the third quarter worth about $32,000. Harvest Group Wealth Management LLC bought a new position in shares of Adobe during the second quarter valued at approximately $30,000. Newfound Research LLC bought a new stake in Adobe during the 3rd quarter valued at $38,000. Finally, Magellan Asset Management Ltd bought a new stake in Adobe during the third quarter valued at about $39,000. 75.66% of the stock is currently owned by institutional investors.
A number of equities analysts have recently issued reports on the company. Oppenheimer upped their price target on Adobe from $430.00 to $550.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. JPMorgan Chase & Co. restated a “buy” rating and set a $550.00 price objective (up from $430.00) on shares of Adobe in a research note on Wednesday, September 16th. DZ Bank upgraded shares of Adobe from a “hold” rating to a “buy” rating and set a $570.00 price objective on the stock in a research note on Thursday, September 17th. Finally, R. F. Lafferty boosted their target price on shares of Adobe from $550.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $504.86.
ADBE stock traded down $5.81 during midday trading on Monday, reaching $471.22. The company’s stock had a trading volume of 37,766 shares, compared to its average volume of 3,116,177. The business’s 50-day simple moving average is $478.43 and its 200-day simple moving average is $450.68. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.35. Adobe Inc. has a 52 week low of $255.13 and a 52 week high of $536.88. The stock has a market cap of $225.51 billion, a PE ratio of 59.84, a price-to-earnings-growth ratio of 3.01 and a beta of 1.02.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the company earned $2.05 EPS. The firm’s revenue was up 14.0% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 8.23 earnings per share for the current fiscal year.
In related news, CFO John Francis Murphy sold 4,000 shares of the stock in a transaction on Monday, October 26th. The shares were sold at an average price of $480.90, for a total transaction of $1,923,600.00. Following the completion of the transaction, the chief financial officer now owns 16,266 shares in the company, valued at $7,822,319.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Ann Lewnes sold 5,000 shares of Adobe stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $519.74, for a total transaction of $2,598,700.00. Following the completion of the sale, the chief marketing officer now owns 35,257 shares in the company, valued at $18,324,473.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,281 shares of company stock worth $7,952,267. Insiders own 0.31% of the company’s stock.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
Further Reading: The Role of a Fiduciary and Individual Investors
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.