Massachusetts Financial Services Co. MA Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Massachusetts Financial Services Co. MA decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 24.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 621,141 shares of the software company’s stock after selling 202,559 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.14% of Adobe worth $345,069,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC raised its position in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the second quarter worth approximately $33,000. Steph & Co. raised its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new position in Adobe in the second quarter worth approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,259 shares of company stock valued at $14,855,543. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on ADBE shares. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday. Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Friday. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday. Two 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. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $606.58.

Adobe Stock Performance

ADBE opened at $521.50 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $231.23 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm’s fifty day simple moving average is $552.68 and its two-hundred day simple moving average is $519.46.

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

Adobe Company 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.