Sumitomo Life Insurance Co. Sells 1,333 Shares of Adobe Inc. (NASDAQ:ADBE)

Sumitomo Life Insurance Co. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,840 shares of the software company’s stock after selling 1,333 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Adobe were worth $10,156,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ADBE. R Squared Ltd bought a new position in shares of Adobe in the 4th quarter valued at about $141,000. Deane Retirement Strategies Inc. grew its holdings in Adobe by 119.8% during the fourth quarter. Deane Retirement Strategies Inc. now owns 8,120 shares of the software company’s stock worth $3,611,000 after purchasing an additional 4,426 shares during the period. Foster Group Inc. increased its position in Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after buying an additional 23 shares during the last quarter. Capital Investment Counsel LLC bought a new stake in Adobe in the fourth quarter valued at approximately $4,940,000. Finally, Signature Wealth Management Partners LLC lifted its position in shares of Adobe by 75.6% in the fourth quarter. Signature Wealth Management Partners LLC now owns 697 shares of the software company’s stock valued at $310,000 after buying an additional 300 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ADBE shares. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. Finally, Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Up 0.9 %

Shares of ADBE opened at $442.70 on Wednesday. The company has a market capitalization of $192.71 billion, a PE ratio of 35.70, a PEG ratio of 2.12 and a beta of 1.31. The stock’s 50-day moving average price is $466.93 and its two-hundred day moving average price is $506.42. 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 $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the firm posted $3.52 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on 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 owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. Corporate insiders own 0.15% of the company’s stock.

About Adobe

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.