Iyo Bank Ltd. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Iyo Bank Ltd. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.3% in the first quarter, Holdings Channel.com reports. The fund owned 28,210 shares of the software company’s stock after purchasing an additional 2,870 shares during the quarter. Adobe accounts for approximately 5.7% of Iyo Bank Ltd.’s portfolio, making the stock its 4th largest position. Iyo Bank Ltd.’s holdings in Adobe were worth $14,235,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Barlow Wealth Partners Inc. acquired a new stake in Adobe during the fourth quarter valued at approximately $16,700,000. Federated Hermes Inc. lifted its position in shares of Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC grew its position in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the period. Vise Technologies Inc. raised its stake in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after acquiring an additional 5,654 shares in the last quarter. Finally, Steph & Co. boosted its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. UBS Group decreased their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Barclays raised their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Finally, Oppenheimer reiterated an “outperform” rating and set a $580.00 target price on shares of Adobe in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Up 0.4 %

Shares of NASDAQ:ADBE traded up $2.44 during trading on Wednesday, hitting $570.15. 1,517,051 shares of the company’s stock traded hands, compared to its average volume of 3,565,549. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $488.79 and a 200-day moving average price of $533.97. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market cap of $252.80 billion, a price-to-earnings ratio of 50.85, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

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

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,270 shares of company stock valued at $15,165,916. Company 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.