FUKOKU MUTUAL LIFE INSURANCE Co trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 47.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,540 shares of the software company’s stock after selling 2,280 shares during the quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Adobe were worth $1,270,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Douglass Winthrop Advisors LLC boosted its position in Adobe by 10.5% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 4,258 shares of the software company’s stock worth $2,088,000 after acquiring an additional 405 shares during the last quarter. Founders Capital Management acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $6,444,000. Employees Retirement System of Texas boosted its holdings in shares of Adobe by 4.6% in the 3rd quarter. Employees Retirement System of Texas now owns 91,200 shares of the software company’s stock valued at $44,727,000 after buying an additional 4,000 shares during the last quarter. Welch & Forbes LLC boosted its holdings in shares of Adobe by 3.6% in the 4th quarter. Welch & Forbes LLC now owns 68,104 shares of the software company’s stock valued at $34,060,000 after buying an additional 2,393 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Adobe by 0.6% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 135,597 shares of the software company’s stock valued at $78,009,000 after buying an additional 861 shares during the last quarter. 82.43% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on ADBE shares. The Goldman Sachs Group started coverage on Adobe in a report on Thursday, January 21st. They issued a “buy” rating and a $580.00 price objective for the company. Oppenheimer started coverage on Adobe in a report on Friday, December 11th. They issued a “buy” rating and a $550.00 price objective for the company. Credit Suisse Group increased their price objective on Adobe from $560.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, December 11th. Barclays reissued a “buy” rating and issued a $605.00 price objective on shares of Adobe in a report on Sunday, December 13th. Finally, BMO Capital Markets raised their price target on Adobe from $560.00 to $570.00 and gave the company an “outperform” rating in a report on Friday, December 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $523.58.
ADBE stock traded up $11.52 during trading hours on Thursday, hitting $471.52. 87,819 shares of the stock were exchanged, compared to its average volume of 3,019,661. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $226.20 billion, a P/E ratio of 42.44, a P/E/G ratio of 2.55 and a beta of 0.97. The company has a 50-day simple moving average of $483.46 and a two-hundred day simple moving average of $475.48. Adobe Inc. has a 12 month low of $255.13 and a 12 month high of $536.88.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 9th. The software company reported $2.81 EPS for the quarter, topping the Zacks’ consensus estimate of $2.66 by $0.15. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The company had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter last year, the business earned $2.29 earnings per share. Adobe’s revenue was up 14.4% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 9.47 earnings per share for the current year.
Adobe declared that its Board of Directors has approved a stock buyback plan on Thursday, December 10th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 6.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In other Adobe news, CMO Ann Lewnes sold 2,000 shares of Adobe stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $450.92, for a total value of $901,840.00. Following the transaction, the chief marketing officer now owns 30,266 shares in the company, valued at $13,647,544.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John Francis Murphy sold 2,139 shares of the stock in a transaction dated Monday, January 25th. The stock was sold at an average price of $474.51, for a total transaction of $1,014,976.89. Following the completion of the transaction, the chief financial officer now directly owns 19,553 shares of the company’s stock, valued at approximately $9,278,094.03. The disclosure for this sale can be found here. Insiders sold 87,794 shares of company stock worth $41,391,007 in the last 90 days. 0.31% of the stock is owned by company insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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