Adobe Inc. (NASDAQ:ADBE) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 24.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,862,334 shares of the software company’s stock after selling 593,452 shares during the period. Jennison Associates LLC’s holdings in Adobe were worth $828,143,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe during the 3rd quarter worth about $26,000. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its stake 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 last quarter. Finally, Briaud Financial Planning Inc acquired a new position in Adobe during the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 1.9 %

Shares of Adobe stock opened at $437.45 on Monday. The company has a market cap of $190.42 billion, a P/E ratio of 35.28, a PEG ratio of 2.12 and a beta of 1.31. The firm has a fifty day moving average of $461.97 and a two-hundred day moving average of $502.99. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Wells Fargo & Company cut their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Activity

In related news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. 0.15% of the stock is currently owned by company insiders.

About Adobe

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.