MassMutual Private Wealth & Trust FSB Sells 2,831 Shares of Adobe Inc. (NASDAQ:ADBE)

MassMutual Private Wealth & Trust FSB reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,304 shares of the software company’s stock after selling 2,831 shares during the period. Adobe accounts for about 0.9% of MassMutual Private Wealth & Trust FSB’s holdings, making the stock its 26th biggest position. MassMutual Private Wealth & Trust FSB’s holdings in Adobe were worth $31,263,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in Adobe in the third quarter worth $26,000. Piscataqua Savings Bank grew its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter worth about $30,000. True Wealth Design LLC raised its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Finally, Briaud Financial Planning Inc purchased a new position in Adobe in the third quarter valued at about $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of Adobe stock opened at $429.99 on Monday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The firm has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31. The business has a fifty day simple moving average of $476.55 and a two-hundred day simple moving average of $512.44. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the company earned $3.52 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada dropped their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 in the last quarter. Company 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.