Jennison Associates LLC Sells 833,566 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Jennison Associates LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 44.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 about 0.24% of Adobe worth $394,563,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter valued at $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe during the 1st quarter worth about $26,000. Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter worth about $31,000. Finally, Bernard Wealth Management Corp. purchased a new stake in Adobe during the 4th quarter worth about $36,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a report on Friday, June 13th. UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Robert W. Baird boosted their price objective on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Redburn Atlantic downgraded Adobe from a “hold” rating to a “strong sell” rating and cut their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $473.88.

Get Our Latest Research Report on Adobe

Adobe Stock Down 0.4%

Adobe stock opened at $365.08 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company’s 50 day simple moving average is $394.55 and its 200 day simple moving average is $403.55. The firm has a market capitalization of $154.87 billion, a price-to-earnings ratio of 23.38, a PEG ratio of 1.72 and a beta of 1.51.

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. The business had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

(Free Report)

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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