Jennison Associates LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Jennison Associates LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,455,786 shares of the software company's stock after selling 101,194 shares during the quarter. Jennison Associates LLC owned approximately 0.56% of Adobe worth $1,271,557,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. International Assets Investment Management LLC grew its holdings in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB bought a new stake in Adobe during the first quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in Adobe in the second quarter worth $663,745,000. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company's stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP increased its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company's stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company's stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded down $2.38 during trading on Wednesday, hitting $497.23. 1,141,824 shares of the company's stock traded hands, compared to its average volume of 3,153,704. The company has a market cap of $218.88 billion, a PE ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm's fifty day moving average price is $506.89 and its 200 day moving average price is $518.95.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ADBE shares. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus raised their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 4th. Oppenheimer reissued an "outperform" rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Argus raised shares of Adobe to a "strong-buy" rating in a report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $606.40.

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.