Massmutual Trust Co. FSB ADV Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Massmutual Trust Co. FSB ADV reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 73,135 shares of the software company’s stock after selling 528 shares during the quarter. Adobe accounts for approximately 1.1% of Massmutual Trust Co. FSB ADV’s holdings, making the stock its 21st largest holding. Massmutual Trust Co. FSB ADV’s holdings in Adobe were worth $37,868,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ADBE. Vanguard Group Inc. increased its holdings in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after acquiring an additional 15,685 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Friday, September 13th. TD Cowen decreased their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 0.6 %

Shares of Adobe stock opened at $505.81 on Thursday. The stock’s fifty day moving average is $543.02 and its 200-day moving average is $516.45. The firm has a market capitalization of $224.28 billion, a PE ratio of 45.45, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.26 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current year.

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.