Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,524 shares of the software company's stock after acquiring an additional 4,472 shares during the quarter. Adobe accounts for 0.9% of Tokio Marine Asset Management Co. Ltd.'s portfolio, making the stock its 23rd largest position. Tokio Marine Asset Management Co. Ltd.'s holdings in Adobe were worth $24,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cadence Bank increased its position in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares during the last quarter. Eagle Strategies LLC boosted its stake in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC lifted its stake in 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 purchasing an additional 22 shares during the last quarter. Orin Green Financial LLC increased 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 buying an additional 23 shares during the period. Finally, Diligent Investors LLC increased its holdings in Adobe by 1.2% during the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock valued at $961,000 after purchasing an additional 26 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Adobe Stock Down 0.7%
NASDAQ:ADBE traded down $2.49 during trading hours on Thursday, reaching $348.58. 3,742,921 shares of the company traded hands, compared to its average volume of 3,564,123. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. The business's 50-day moving average price is $374.41 and its two-hundred day moving average price is $394.07. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $147.87 billion, a P/E ratio of 22.30, a P/E/G ratio of 1.66 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last released 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 return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 earnings per share. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.
Analysts Set New Price Targets
A number of analysts have recently commented on the company. Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Citigroup lowered their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Melius downgraded shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 price target for the company. in a research note on Monday. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Finally, Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Four 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $467.58.
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About Adobe
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Free Report)
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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