Mitsubishi UFJ Trust & Banking Corp Has $114.44 Million Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its Adobe holdings by 0.3%, owning 298,390 shares valued at approximately $114.44 million by the end of the last quarter.
• Analysts have mixed ratings on Adobe, with two firms issuing sell ratings and others providing buy ratings, resulting in an average rating of "Moderate Buy" and a target price of $473.88.
• Adobe's recent quarterly earnings exceeded expectations, reporting earnings per share of $5.06 and a revenue of $5.87 billion, marking a 10.6% year-over-year increase.

Mitsubishi UFJ Trust & Banking Corp lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 298,390 shares of the software company's stock after selling 856 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.07% of Adobe worth $114,442,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Sepio Capital LP lifted its stake in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares in the last quarter. Cadence Bank grew its stake in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC raised its holdings in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC lifted its position in shares of Adobe by 0.4% during the fourth 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 in the last quarter. Finally, Orin Green Financial LLC boosted its holdings in shares of Adobe by 3.8% in the fourth 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. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ADBE. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and decreased their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. DA Davidson reiterated a "buy" rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Oppenheimer cut their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Price Performance

Shares of Adobe stock opened at $347.80 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a fifty day moving average of $385.72 and a 200-day moving average of $399.07. The stock has a market capitalization of $147.54 billion, a price-to-earnings ratio of 22.25, a price-to-earnings-growth ratio of 1.70 and a beta of 1.52.

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

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.

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