Asahi Life Asset Management CO. LTD. Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Asahi Life Asset Management CO. LTD. lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 47.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 836 shares of the software company's stock after selling 750 shares during the quarter. Asahi Life Asset Management CO. LTD.'s holdings in Adobe were worth $321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of ADBE. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after purchasing an additional 1,216,351 shares during the period. Apollon Wealth Management LLC boosted its stake in Adobe by 12.2% in the 1st quarter. Apollon Wealth Management LLC now owns 14,289 shares of the software company's stock worth $5,480,000 after purchasing an additional 1,558 shares during the period. Pioneer Trust Bank N A OR boosted its stake in Adobe by 1.9% in the 1st quarter. Pioneer Trust Bank N A OR now owns 13,694 shares of the software company's stock worth $5,252,000 after purchasing an additional 250 shares during the period. Catalyst Financial Partners LLC raised its holdings in shares of Adobe by 6.8% during the 1st quarter. Catalyst Financial Partners LLC now owns 1,885 shares of the software company's stock worth $723,000 after acquiring an additional 120 shares in the last quarter. Finally, Evergreen Private Wealth LLC raised its holdings in shares of Adobe by 5.2% during the 1st quarter. Evergreen Private Wealth LLC now owns 12,031 shares of the software company's stock worth $4,614,000 after acquiring an additional 594 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ADBE shares. Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a report on Wednesday, July 2nd. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Stifel Nicolaus dropped their price target on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Finally, Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and dropped their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Two 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Down 0.7%

NASDAQ ADBE traded down $2.41 during trading on Wednesday, hitting $361.77. The company's stock had a trading volume of 3,590,702 shares, compared to its average volume of 3,468,788. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a market cap of $153.46 billion, a PE ratio of 23.15, a P/E/G ratio of 1.73 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 business's 50 day simple moving average is $394.90 and its 200-day simple moving average is $404.10.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period last year, the business posted $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal 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.