Sumitomo Mitsui DS Asset Management Company Ltd Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Sumitomo Mitsui DS Asset Management Company Ltd lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 22.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,119 shares of the software company's stock after selling 17,192 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Adobe were worth $22,674,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe in the first quarter valued at about $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Down 3.5%

ADBE stock traded down $13.63 during trading on Wednesday, reaching $378.47. 6,906,864 shares of the stock traded hands, compared to its average volume of 3,425,546. The firm has a market capitalization of $160.55 billion, a PE ratio of 24.21, a P/E/G ratio of 1.86 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 moving average price is $394.95 and its 200-day moving average price is $409.57. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Jefferies Financial Group dropped their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Mizuho lowered their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Evercore ISI restated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $480.08.

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.