Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,496 shares of the software company’s stock after buying an additional 1,192 shares during the quarter. Adobe accounts for 2.5% of Sompo Asset Management Co. Ltd.’s investment portfolio, making the stock its 9th largest position. Sompo Asset Management Co. Ltd.’s holdings in Adobe were worth $14,720,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 2nd quarter valued at approximately $33,000. Steph & Co. raised its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $522.30 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $549.18 and its two-hundred day moving average is $518.73. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $231.59 billion, a PE ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.26 earnings per share. Research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $18,205,903 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. BMO Capital Markets upped their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, TD Cowen reduced their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

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.