Sumitomo Life Insurance Co. Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Sumitomo Life Insurance Co. decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,291 shares of the software company's stock after selling 1,549 shares during the quarter. Sumitomo Life Insurance Co.'s holdings in Adobe were worth $8,166,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in Adobe by 12.2% in the first 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 in the last quarter. Pioneer Trust Bank N A OR raised its holdings in Adobe by 1.9% in the first 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 in the last quarter. Catalyst Financial Partners LLC raised its holdings in Adobe by 6.8% in the first quarter. Catalyst Financial Partners LLC now owns 1,885 shares of the software company's stock worth $723,000 after purchasing an additional 120 shares in the last quarter. Finally, Evergreen Private Wealth LLC raised its holdings in Adobe by 5.2% in the first quarter. Evergreen Private Wealth LLC now owns 12,031 shares of the software company's stock worth $4,614,000 after purchasing an additional 594 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. Citigroup decreased 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. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. BMO Capital Markets restated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Morgan Stanley reduced their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a report on Friday, June 13th. 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 given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Performance

NASDAQ:ADBE traded up $4.68 on Thursday, hitting $366.45. The stock had a trading volume of 3,338,919 shares, compared to its average volume of 3,472,888. The stock has a market cap of $155.45 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 1.72 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 business's 50-day simple moving average is $394.55 and its two-hundred day simple moving average is $403.55. 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 announced its earnings results 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. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $4.48 earnings per share. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share 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.