Adobe Inc. (NASDAQ:ADBE) is Sompo Asset Management Co. Ltd.’s 10th Largest Position

Sompo Asset Management Co. Ltd. lessened its position in Adobe Inc. (NASDAQ:ADBE) by 3.4% in the fourth quarter, HoldingsChannel reports. The firm owned 25,899 shares of the software company’s stock after selling 911 shares during the quarter. Adobe accounts for approximately 1.9% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 10th biggest holding. Sompo Asset Management Co. Ltd.’s holdings in Adobe were worth $11,517,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sirios Capital Management L P raised its position in shares of Adobe by 4.4% in the 4th quarter. Sirios Capital Management L P now owns 18,852 shares of the software company’s stock worth $8,383,000 after purchasing an additional 789 shares during the last quarter. Joho Capital LLC lifted its position in Adobe by 64.1% in the 4th quarter. Joho Capital LLC now owns 189,900 shares of the software company’s stock valued at $84,445,000 after acquiring an additional 74,200 shares in the last quarter. Mar Vista Investment Partners LLC increased its holdings in shares of Adobe by 5.8% in the 4th quarter. Mar Vista Investment Partners LLC now owns 88,736 shares of the software company’s stock worth $39,459,000 after purchasing an additional 4,856 shares in the last quarter. Two Creeks Capital Management LP raised its holdings in shares of Adobe by 28.9% during the fourth quarter. Two Creeks Capital Management LP now owns 206,847 shares of the software company’s stock valued at $91,981,000 after purchasing an additional 46,316 shares during the last quarter. Finally, Oxford Wealth Group LLC grew its position in Adobe by 16.7% in the 4th quarter. Oxford Wealth Group LLC now owns 3,313 shares of the software company’s stock worth $1,473,000 after purchasing an additional 474 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ADBE shares. Stifel Nicolaus dropped their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Wells Fargo & Company lowered their target price on Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $506.73.

Adobe Price Performance

ADBE opened at $349.91 on Wednesday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a market capitalization of $149.13 billion, a PE ratio of 28.22, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50-day moving average is $398.97 and its two-hundred day moving average is $447.84.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 EPS. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred 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. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last 90 days. 0.16% of the stock is currently owned by corporate 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.