Adobe Inc. (NASDAQ:ADBE) Stake Increased by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,896 shares of the software company’s stock after purchasing an additional 1,779 shares during the period. Adobe comprises approximately 0.7% of Dai ichi Life Insurance Company Ltd’s holdings, making the stock its 29th largest position. Dai ichi Life Insurance Company Ltd’s holdings in Adobe were worth $28,942,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Qsemble Capital Management LP bought a new position in Adobe in the third quarter worth $5,111,000. Acorn Wealth Advisors LLC boosted its position in shares of Adobe by 29.6% during the 3rd quarter. Acorn Wealth Advisors LLC now owns 665 shares of the software company’s stock valued at $344,000 after acquiring an additional 152 shares in the last quarter. Mirabella Financial Services LLP boosted its position in shares of Adobe by 152.5% during the 3rd quarter. Mirabella Financial Services LLP now owns 5,229 shares of the software company’s stock valued at $2,631,000 after acquiring an additional 3,158 shares in the last quarter. Hancock Whitney Corp raised its position in Adobe by 0.9% in the third quarter. Hancock Whitney Corp now owns 8,716 shares of the software company’s stock worth $4,513,000 after purchasing an additional 81 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in Adobe by 25.8% during the third quarter. Brown Brothers Harriman & Co. now owns 560,318 shares of the software company’s stock valued at $290,121,000 after purchasing an additional 114,860 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the company’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 transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADBE. Citigroup boosted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Up 1.3 %

Adobe stock opened at $518.73 on Tuesday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50 day moving average price of $503.08 and a two-hundred day moving average price of $519.50. The firm has a market cap of $228.34 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.64 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company 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 42.82% and a net margin of 25.59%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.26 EPS. Equities analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

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.