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Resona Asset Management Co. Ltd. Increases Position in Adobe Inc. (NASDAQ:ADBE)

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Key Points

  • Resona Asset Management Co. Ltd. increased its stake in Adobe Inc. by 11.4%, owning approximately 0.06% of Adobe, valued at about $103.4 million.
  • Adobe's stock has a consensus rating of "Moderate Buy" with a price target of $467.58, as per various analysts' ratings.
  • The company reported earnings of $5.06 EPS for the last quarter, exceeding estimates and showcasing a 10.6% revenue increase year-over-year.
  • Want stock alerts on Adobe? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Resona Asset Management Co. Ltd. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 269,298 shares of the software company's stock after purchasing an additional 27,573 shares during the period. Adobe makes up approximately 0.6% of Resona Asset Management Co. Ltd.'s portfolio, making the stock its 25th biggest holding. Resona Asset Management Co. Ltd. owned 0.06% of Adobe worth $103,415,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH grew its position in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe during the 1st quarter worth about $26,000. SWAN Capital LLC acquired a new stake in Adobe during the 4th quarter worth about $28,000. Copia Wealth Management acquired a new stake in Adobe during the 4th quarter worth about $28,000. Finally, HHM Wealth Advisors LLC acquired a new stake in Adobe during the 1st quarter worth about $30,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ADBE shares. Citigroup dropped their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Morgan Stanley dropped their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird raised their target price on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Melius Research upgraded Adobe to a "strong sell" rating in a research report on Monday. Finally, Evercore ISI restated an "outperform" rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $467.58.

Read Our Latest Stock Report on ADBE

Adobe Trading Down 0.7%

Shares of ADBE stock traded down $2.49 during trading on Thursday, hitting $348.58. 3,742,284 shares of the stock traded hands, compared to its average volume of 3,798,046. The firm has a market capitalization of $147.87 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm's fifty day moving average price is $374.41 and its 200-day moving average price is $394.07. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.48 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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