MML Investors Services LLC Trims Stake in Adobe Inc (NASDAQ:ADBE)

MML Investors Services LLC trimmed its position in Adobe Inc (NASDAQ:ADBE) by 4.6% during the 1st quarter, Holdings Channel reports. The firm owned 41,023 shares of the software company’s stock after selling 1,969 shares during the quarter. MML Investors Services LLC’s holdings in Adobe were worth $10,932,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund grew its position in Adobe by 24,198.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock worth $171,000 after acquiring an additional 38,501,463 shares in the last quarter. Vanguard Group Inc boosted its position in shares of Adobe by 1.0% during the third quarter. Vanguard Group Inc now owns 37,046,965 shares of the software company’s stock valued at $10,000,828,000 after buying an additional 349,019 shares during the period. BlackRock Inc. boosted its position in shares of Adobe by 0.7% during the first quarter. BlackRock Inc. now owns 32,843,461 shares of the software company’s stock valued at $8,752,453,000 after buying an additional 213,902 shares during the period. Jennison Associates LLC boosted its position in shares of Adobe by 2.8% during the fourth quarter. Jennison Associates LLC now owns 9,101,137 shares of the software company’s stock valued at $2,059,041,000 after buying an additional 249,440 shares during the period. Finally, Lunia Capital LP boosted its position in shares of Adobe by 23,384.5% during the fourth quarter. Lunia Capital LP now owns 8,928,109 shares of the software company’s stock valued at $8,928,000 after buying an additional 8,890,092 shares during the period. 85.89% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have issued reports on ADBE. BidaskClub lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research lowered Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $282.00 to $340.00 in a research report on Monday, April 29th. Rosenblatt Securities restated a “buy” rating and set a $280.00 target price on shares of Adobe in a research report on Friday, March 29th. Finally, Barclays restated a “buy” rating and set a $304.00 target price on shares of Adobe in a research report on Monday, March 18th. Nine equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $290.46.

In related news, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $290.00, for a total value of $2,900,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $260.54, for a total transaction of $781,620.00. Following the completion of the transaction, the chief marketing officer now directly owns 69,368 shares of the company’s stock, valued at approximately $18,073,138.72. The disclosure for this sale can be found here. Insiders sold 56,936 shares of company stock valued at $15,516,808 in the last three months. 0.32% of the stock is currently owned by insiders.

NASDAQ:ADBE traded down $0.29 during trading hours on Wednesday, reaching $275.70. The company’s stock had a trading volume of 21,011 shares, compared to its average volume of 2,774,896. The company has a market capitalization of $134.65 billion, a price-to-earnings ratio of 49.74, a price-to-earnings-growth ratio of 2.72 and a beta of 1.11. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $291.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.33.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period last year, the firm earned $1.55 EPS. On average, sell-side analysts expect that Adobe Inc will post 6.24 EPS for the current year.

COPYRIGHT VIOLATION WARNING: This piece of content was first reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are reading this piece of content on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this piece of content can be viewed at https://www.chaffeybreeze.com/2019/06/12/mml-investors-services-llc-trims-stake-in-adobe-inc-nasdaqadbe.html.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

See Also: What is Compound Interest?

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc (NASDAQ:ADBE).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.