Asahi Life Asset Management CO. LTD. Has $266,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Asahi Life Asset Management CO. LTD. reduced its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 71.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 446 shares of the software company’s stock after selling 1,095 shares during the period. Asahi Life Asset Management CO. LTD.’s holdings in Adobe were worth $266,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. WealthPlan Investment Management LLC raised its position in Adobe by 223,500.0% in the third quarter. WealthPlan Investment Management LLC now owns 4,472 shares of the software company’s stock worth $2,280,000 after acquiring an additional 4,470 shares during the period. Jump Financial LLC purchased a new position in shares of Adobe in the third quarter worth about $355,000. Soltis Investment Advisors LLC increased its stake in shares of Adobe by 27.1% in the third quarter. Soltis Investment Advisors LLC now owns 642 shares of the software company’s stock worth $327,000 after purchasing an additional 137 shares in the last quarter. Gamco Investors INC. ET AL increased its stake in shares of Adobe by 21.5% in the third quarter. Gamco Investors INC. ET AL now owns 16,558 shares of the software company’s stock worth $8,443,000 after purchasing an additional 2,930 shares in the last quarter. Finally, Plancorp LLC increased its stake in shares of Adobe by 11.9% in the third quarter. Plancorp LLC now owns 546 shares of the software company’s stock worth $278,000 after purchasing an additional 58 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.6 %

ADBE stock traded up $7.30 during trading on Friday, hitting $465.43. 2,684,170 shares of the stock traded hands, compared to its average volume of 3,017,338. Adobe Inc. has a 1 year low of $423.58 and a 1 year high of $638.25. The firm’s 50 day moving average is $476.71 and its two-hundred day moving average is $546.22. The stock has a market cap of $208.51 billion, a price-to-earnings ratio of 44.50, a price-to-earnings-growth ratio of 2.48 and a beta of 1.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.97 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last quarter. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ADBE shares. Mizuho reiterated a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research note on Friday. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, TD Cowen cut their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $612.79.

Read Our Latest Stock Report on Adobe

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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