MetLife Investment Management LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

MetLife Investment Management LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,494 shares of the software company's stock after selling 4,786 shares during the quarter. MetLife Investment Management LLC's holdings in Adobe were worth $70,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of ADBE. Piscataqua Savings Bank increased its holdings 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 last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the third quarter worth $30,000. Summit Securities Group LLC bought a new stake in Adobe during the second quarter valued at about $33,000. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the third quarter valued at about $36,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Adobe in the third quarter worth about $38,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Down 2.2 %

Shares of Adobe stock traded down $11.62 during trading on Wednesday, hitting $513.68. 2,322,601 shares of the stock traded hands, compared to its average volume of 3,142,019. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock's fifty day simple moving average is $503.39 and its 200 day simple moving average is $519.76. The firm has a market cap of $226.12 billion, a P/E ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.26 EPS. On average, equities analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on ADBE shares. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an "outperform" rating for the company in a research report on Friday, September 13th. Morgan Stanley reiterated an "overweight" rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Bank of America reissued a "buy" rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $606.40.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the company'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 transaction, the chief accounting officer now directly owns 2,715 shares of the company's stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of the business'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 owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate 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.