Sumitomo Mitsui DS Asset Management Company Ltd Buys 3,142 Shares of Adobe Inc. (NASDAQ:ADBE)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Adobe Inc. (NASDAQ:ADBE) by 4.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,311 shares of the software company’s stock after buying an additional 3,142 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Adobe were worth $33,934,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC raised its stake in Adobe by 7.9% in the 3rd quarter. CWM LLC now owns 42,449 shares of the software company’s stock valued at $21,979,000 after acquiring an additional 3,097 shares during the period. Abner Herrman & Brock LLC increased its holdings in shares of Adobe by 3.1% in the third quarter. Abner Herrman & Brock LLC now owns 31,310 shares of the software company’s stock valued at $16,212,000 after purchasing an additional 932 shares during the last quarter. Marcum Wealth LLC increased its holdings in shares of Adobe by 4.4% in the third quarter. Marcum Wealth LLC now owns 1,152 shares of the software company’s stock valued at $596,000 after purchasing an additional 49 shares during the last quarter. Sanibel Captiva Trust Company Inc. raised its position in shares of Adobe by 0.5% in the third quarter. Sanibel Captiva Trust Company Inc. now owns 35,231 shares of the software company’s stock valued at $18,242,000 after purchasing an additional 160 shares during the period. Finally, Enterprise Bank & Trust Co lifted its stake in shares of Adobe by 1.5% during the 3rd quarter. Enterprise Bank & Trust Co now owns 2,409 shares of the software company’s stock worth $1,247,000 after buying an additional 35 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. Piper Sandler lowered their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and dropped their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Royal Bank of Canada decreased their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Trading Down 0.5 %

Shares of Adobe stock opened at $435.40 on Friday. The firm has a market capitalization of $189.53 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average is $457.14 and its 200 day moving average is $500.93. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the business earned $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company 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.