Adobe Inc (ADBE) Holdings Increased by Sumitomo Mitsui Asset Management Company LTD

Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Adobe Inc (NASDAQ:ADBE) by 246.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 139,053 shares of the software company’s stock after acquiring an additional 98,929 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Adobe were worth $37,056,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc raised its position in Adobe by 1.0% in the third quarter. Vanguard Group Inc now owns 37,046,965 shares of the software company’s stock valued at $10,000,828,000 after purchasing an additional 349,019 shares during the period. Clean Yield Group purchased a new stake in Adobe in the fourth quarter valued at $140,000. Dowling & Yahnke LLC raised its position in Adobe by 1.9% in the fourth quarter. Dowling & Yahnke LLC now owns 40,999 shares of the software company’s stock valued at $10,286,000 after purchasing an additional 781 shares during the period. Elite Wealth Management Inc. raised its position in Adobe by 2.4% in the fourth quarter. Elite Wealth Management Inc. now owns 6,075 shares of the software company’s stock valued at $1,374,000 after purchasing an additional 140 shares during the period. Finally, Forte Capital LLC ADV raised its position in Adobe by 1.2% in the fourth quarter. Forte Capital LLC ADV now owns 36,486 shares of the software company’s stock valued at $8,254,000 after purchasing an additional 440 shares during the period. 85.58% of the stock is currently owned by institutional investors.

ADBE has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Adobe from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research report on Tuesday, May 14th. Credit Suisse Group reiterated a “buy” rating and issued a $300.00 price objective on shares of Adobe in a report on Friday, January 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $280.00 price objective on shares of Adobe in a report on Friday, March 29th. BidaskClub upgraded Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, March 26th. Finally, Barclays reiterated a “buy” rating and issued a $304.00 price objective on shares of Adobe in a report on Monday, March 18th. Nine analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $289.63.

In other Adobe news, Director John E. Warnock sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $260.47, for a total transaction of $520,940.00. Following the sale, the director now owns 16,088 shares in the company, valued at approximately $4,190,441.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $260.54, for a total value of $781,620.00. Following the sale, the chief marketing officer now owns 69,368 shares in the company, valued at approximately $18,073,138.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,936 shares of company stock worth $15,516,808. 0.32% of the stock is owned by company insiders.

NASDAQ ADBE traded down $0.47 during trading hours on Friday, hitting $273.78. 641,970 shares of the company were exchanged, compared to its average volume of 2,797,884. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $291.70. The company has a market cap of $134.63 billion, a price-to-earnings ratio of 49.33, a price-to-earnings-growth ratio of 2.72 and a beta of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The company had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the company earned $1.55 EPS. Adobe’s revenue for the quarter was up 24.1% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc will post 6.24 earnings per share for the current fiscal year.

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Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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