Mitsubishi UFJ Asset Management Co. Ltd. Has $311.72 Million Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Adobe Inc. by 11.4%, acquiring an additional 83,239 shares and now holds 812,760 shares valued at $311.7 million.
• Institutional ownership in Adobe stands at 81.79%, with significant increases reported by other hedge funds, including GAMMA Investing LLC and Goldman Sachs Group Inc..
• Adobe's latest earnings report showed earnings per share of $5.06, surpassing estimates, and a revenue increase of 10.6% year-over-year, with a consensus expectation of $16.65 earnings per share for the current year.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 812,760 shares of the software company's stock after purchasing an additional 83,239 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of Adobe worth $311,718,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ADBE. Cadence Bank raised its holdings in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC raised its holdings in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC raised its holdings in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after acquiring an additional 22 shares during the period. Orin Green Financial LLC raised its holdings in Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after acquiring an additional 23 shares during the period. Finally, Diligent Investors LLC raised its holdings in Adobe by 1.2% in the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock worth $961,000 after acquiring an additional 26 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

NASDAQ:ADBE traded up $2.78 on Friday, reaching $341.05. The stock had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market capitalization of $144.67 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.62 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average price of $378.55 and a 200-day moving average price of $395.76.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. UBS Group raised their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Robert W. Baird raised their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Finally, Evercore ISI restated an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

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.