Adobe Inc. (NASDAQ:ADBE) Shares Sold by Nissay Asset Management Corp Japan ADV

Nissay Asset Management Corp Japan ADV reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 57,035 shares of the software company’s stock after selling 1,949 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Adobe were worth $21,980,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in ADBE. VELA Investment Management LLC boosted its position in shares of Adobe by 122.2% during the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after acquiring an additional 1,077 shares in the last quarter. Bornite Capital Management LP acquired a new position in shares of Adobe during the 1st quarter worth about $15,947,000. United Bank boosted its position in shares of Adobe by 34.7% during the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after acquiring an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after acquiring an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC boosted its position in shares of Adobe by 138.3% in the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after purchasing an additional 3,860 shares during the period. 80.00% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE stock opened at $560.36 on Friday. The stock has a fifty day moving average price of $523.74 and a 200 day moving average price of $435.39. The stock has a market cap of $255.41 billion, a PE ratio of 53.47, a P/E/G ratio of 3.36 and a beta of 1.33. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $570.24. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 15th. The software company reported $3.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.12. The firm had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. Adobe’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.70 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 12.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on ADBE shares. Royal Bank of Canada raised their price target on Adobe from $460.00 to $555.00 in a research note on Friday, June 16th. BMO Capital Markets upgraded Adobe from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $500.00 to $570.00 in a research note on Wednesday, June 21st. JPMorgan Chase & Co. raised their price target on Adobe from $380.00 to $450.00 in a research note on Tuesday, June 13th. TD Cowen raised their price target on Adobe from $575.00 to $600.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, The Goldman Sachs Group raised their price target on Adobe from $480.00 to $550.00 in a research note on Friday, June 16th. Ten research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $532.57.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the transaction, the chief executive officer now owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is owned by insiders.

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.