Jennison Associates LLC Has $394.56 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Jennison Associates LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 44.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,028,768 shares of the software company's stock after selling 833,566 shares during the quarter. Jennison Associates LLC owned approximately 0.24% of Adobe worth $394,563,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Adobe during the fourth quarter valued at approximately $2,553,035,000. GAMMA Investing LLC raised its stake in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after buying an additional 1,216,351 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after buying an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after buying an additional 830,300 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Down 0.0%

Shares of ADBE stock traded down $0.14 during trading hours on Monday, hitting $365.65. 770,105 shares of the company's stock traded hands, compared to its average volume of 3,466,955. The stock's 50 day simple moving average is $394.20 and its 200 day simple moving average is $402.45. The stock has a market cap of $155.11 billion, a PE ratio of 23.37, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the company posted $4.48 earnings per share. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADBE. Wall Street Zen lowered Adobe from a "buy" rating to a "hold" rating in a report on Friday. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. UBS Group upped their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and cut their target price for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe 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.