Massachusetts Financial Services Co. MA Sells 43,357 Shares of Adobe Inc. (NASDAQ:ADBE)

Massachusetts Financial Services Co. MA trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,462,027 shares of the software company's stock after selling 43,357 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.32% of Adobe worth $872,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. Concentrum Wealth Management increased its position in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company's stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC bought a new position in Adobe in the fourth quarter worth approximately $875,592,000. Invesco Ltd. boosted its stake in shares of Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company's stock worth $2,263,347,000 after acquiring an additional 889,607 shares during the last quarter. Jennison Associates LLC grew its position in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company's stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC bought a new stake in Adobe during the third quarter valued at about $152,970,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ADBE shares. Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an "overweight" rating for the company in a research note on Friday, March 15th. Bank of America lowered their target price on shares of Adobe from $700.00 to $640.00 and set a "buy" rating on the stock in a research note on Friday, March 15th. UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $625.00 and set a "buy" rating on the stock in a research report on Friday, March 15th. Finally, DA Davidson reiterated a "buy" rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $620.72.

Adobe Trading Up 0.2 %

Shares of ADBE traded up $0.82 during midday trading on Monday, hitting $483.11. The stock had a trading volume of 2,457,333 shares, compared to its average volume of 3,387,451. Adobe Inc. has a 1 year low of $333.01 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock's 50 day moving average is $501.20 and its 200 day moving average is $559.95. The firm has a market cap of $216.43 billion, a PE ratio of 46.19, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The firm's quarterly revenue was up 11.3% compared to the same quarter last year. As a group, analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the company's stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company's stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 over the last quarter. Company insiders own 0.15% of the company's stock.

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.

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