Adobe Inc. (NASDAQ:ADBE) Shares Sold by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 32.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,879 shares of the software company’s stock after selling 4,778 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Adobe were worth $4,393,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ADBE. Baxter Bros Inc. grew its holdings in Adobe by 5.7% during the fourth quarter. Baxter Bros Inc. now owns 3,265 shares of the software company’s stock worth $1,452,000 after acquiring an additional 176 shares during the period. Potentia Wealth acquired a new position in shares of Adobe in the 4th quarter worth approximately $215,000. ATOMVEST Ltd acquired a new position in shares of Adobe in the 4th quarter worth approximately $12,807,000. Prestige Wealth Management Group LLC raised its holdings in shares of Adobe by 4.1% in the 4th quarter. Prestige Wealth Management Group LLC now owns 991 shares of the software company’s stock worth $441,000 after purchasing an additional 39 shares in the last quarter. Finally, Modern Wealth Management LLC lifted its stake in Adobe by 8.1% during the fourth quarter. Modern Wealth Management LLC now owns 5,880 shares of the software company’s stock valued at $2,653,000 after purchasing an additional 443 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Price Performance

NASDAQ ADBE opened at $403.64 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $175.75 billion, a PE ratio of 32.55, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The company has a 50 day moving average price of $433.70 and a two-hundred day moving average price of $472.75.

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

Analyst Ratings Changes

Several research analysts have issued reports on ADBE shares. Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Stifel Nicolaus decreased their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $538.80.

Adobe 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.