Mitsubishi UFJ Asset Management Co. Ltd. Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 729,521 shares of the software company’s stock after purchasing an additional 53,331 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Adobe were worth $314,110,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. 1ST Source Bank boosted its holdings in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the last quarter. Foster Group Inc. boosted its stake in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares during the last quarter. Atlantic Edge Private Wealth Management LLC grew its position in shares of Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares during the period. Veery Capital LLC increased its stake in shares of Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after purchasing an additional 24 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its holdings in Adobe by 1.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after purchasing an additional 24 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last three months. 0.16% of the stock is owned by insiders.

Adobe Stock Down 1.4 %

Shares of NASDAQ ADBE opened at $397.81 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The firm’s 50-day moving average price is $433.31 and its 200-day moving average price is $472.23. The stock has a market capitalization of $173.21 billion, a price-to-earnings ratio of 32.08, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (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 the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business posted $4.48 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Evercore ISI cut their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group set a $495.00 price target on shares of Adobe in a research report on Thursday, March 13th. Finally, Jefferies Financial Group decreased their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $533.85.

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.