MassMutual Private Wealth & Trust FSB Purchases 1,698 Shares of Adobe Inc. (NASDAQ:ADBE)

MassMutual Private Wealth & Trust FSB lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,002 shares of the software company’s stock after buying an additional 1,698 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in Adobe were worth $27,615,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Norges Bank bought a new position in shares of Adobe during the 4th quarter worth $2,553,035,000. Proficio Capital Partners LLC boosted its position in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position 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 purchasing an additional 952,233 shares in the last quarter. Two Sigma Advisers LP boosted its position 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 purchasing an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe during the fourth quarter valued at about $365,750,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ADBE. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Buying and Selling

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is owned by corporate insiders.

Adobe Trading Down 0.2%

Shares of NASDAQ:ADBE opened at $412.23 on Thursday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market cap of $175.69 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $378.50 and a 200-day moving average price of $430.10.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company earned $4.48 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.