Resona Asset Management Co. Ltd. Acquires Shares of 241,725 Adobe Inc. (NASDAQ:ADBE)

Resona Asset Management Co. Ltd. bought a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 241,725 shares of the software company’s stock, valued at approximately $107,573,000. Adobe accounts for 0.6% of Resona Asset Management Co. Ltd.’s portfolio, making the stock its 24th largest position. Resona Asset Management Co. Ltd. owned approximately 0.06% of Adobe at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Legacy Investment Solutions LLC purchased a new stake in Adobe in the 3rd quarter valued at approximately $26,000. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $31,000. Caitlin John LLC raised its position in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after acquiring an additional 48 shares in the last quarter. Finally, Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $349.07 on Friday. The company has a market cap of $148.77 billion, a P/E ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. The firm’s 50 day moving average is $425.66 and its two-hundred day moving average is $463.96. Adobe Inc. has a fifty-two week low of $348.80 and a fifty-two week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company posted $4.48 EPS. Analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Robert W. Baird cut their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

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.