Adobe Inc. (NASDAQ:ADBE) Shares Sold by Meiji Yasuda Life Insurance Co

Meiji Yasuda Life Insurance Co lowered its position in Adobe Inc. (NASDAQ:ADBE) by 5.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 30,549 shares of the software company’s stock after selling 1,637 shares during the quarter. Adobe accounts for about 0.3% of Meiji Yasuda Life Insurance Co’s investment portfolio, making the stock its 24th biggest position. Meiji Yasuda Life Insurance Co’s holdings in Adobe were worth $16,971,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC increased its position in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares in the last quarter. HTLF Bank increased its position in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares in the last quarter. Visionary Wealth Advisors increased its position in Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after buying an additional 20 shares in the last quarter. Orrstown Financial Services Inc. increased its position in Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after buying an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC increased its position in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after buying an additional 20 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ADBE. Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. BMO Capital Markets boosted their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Finally, Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.58.

Adobe Trading Down 1.2 %

NASDAQ:ADBE opened at $515.03 on Wednesday. The company has a market cap of $228.36 billion, a P/E ratio of 46.27, a P/E/G ratio of 3.03 and a beta of 1.29. The stock’s fifty day moving average price is $551.66 and its two-hundred day moving average price is $519.07. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.26 earnings per share. As a group, analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 27,259 shares of company stock worth $14,855,543 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.