Adobe Inc. (NASDAQ:ADBE) Stake Reduced by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 0.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,364,060 shares of the software company’s stock after selling 2,518 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Adobe were worth $688,305,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Norges Bank bought a new position in Adobe in the 4th quarter worth about $3,277,785,000. Wellington Management Group LLP grew its holdings in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC bought a new position in Adobe in the 4th quarter worth approximately $875,592,000. Price T Rowe Associates Inc. MD raised its stake in Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after acquiring an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC boosted its position in Adobe by 41.2% during the 4th quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after acquiring an additional 307,479 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ADBE shares. Melius Research reissued a “hold” rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. KeyCorp boosted their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. HSBC decreased their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. DA Davidson restated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Finally, TD Cowen lowered their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Stock Down 0.1 %

ADBE stock traded down $0.43 during mid-day trading on Wednesday, hitting $567.28. The stock had a trading volume of 304,819 shares, compared to its average volume of 3,556,004. The stock has a market capitalization of $251.53 billion, a price-to-earnings ratio of 51.01, a PEG ratio of 2.90 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a fifty day moving average of $486.90 and a 200 day moving average of $534.09.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Adobe Profile

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.