Adobe Inc. (NASDAQ:ADBE) Position Boosted by MetLife Investment Management LLC

MetLife Investment Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% during the 4th quarter, Holdings Channel reports. The fund owned 136,121 shares of the software company’s stock after purchasing an additional 627 shares during the period. MetLife Investment Management LLC’s holdings in Adobe were worth $60,530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at $2,553,035,000. Edgewood Management LLC lifted its position in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Adobe by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after acquiring an additional 163,983 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Evercore ISI lowered their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, BMO Capital Markets reduced their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $513.27.

Adobe Stock Up 1.3 %

ADBE opened at $348.80 on Friday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business has a 50 day moving average price of $403.54 and a 200 day moving average price of $450.43. The firm has a market cap of $148.66 billion, a P/E ratio of 28.13, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last 90 days. 0.16% of the stock is owned by company insiders.

About Adobe

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.