Adobe Inc. (NASDAQ:ADBE) Shares Sold by Massmutual Trust Co. FSB ADV

Massmutual Trust Co. FSB ADV trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,135 shares of the software company’s stock after selling 528 shares during the quarter. Adobe comprises approximately 1.1% of Massmutual Trust Co. FSB ADV’s portfolio, making the stock its 21st biggest position. Massmutual Trust Co. FSB ADV’s holdings in Adobe were worth $37,868,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $33,000. Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 0.6 %

ADBE opened at $505.81 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $224.28 billion, a P/E ratio of 45.45, a PEG ratio of 2.72 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 business’s fifty day simple moving average is $543.02 and its 200 day simple moving average is $516.45.

Adobe (NASDAQ:ADBE) last issued its quarterly 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company earned $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction 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 Adobe 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 directly owns 357,700 shares in the company, valued at $186,569,166. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,759 shares of company stock valued at $17,642,653. Insiders own 0.15% of the company’s stock.

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.