Dai ichi Life Insurance Company Ltd Has $30.06 Million Position in Adobe Inc. (NASDAQ:ADBE)

Dai ichi Life Insurance Company Ltd grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,117 shares of the software company’s stock after purchasing an additional 4,259 shares during the quarter. Adobe comprises about 0.7% of Dai ichi Life Insurance Company Ltd’s portfolio, making the stock its 26th biggest position. Dai ichi Life Insurance Company Ltd’s holdings in Adobe were worth $30,064,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the period. Norges Bank bought a new position in Adobe in the fourth quarter worth approximately $3,277,785,000. Concentrum Wealth Management grew its stake in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the period. Finally, Brown Advisory Inc. increased its holdings in shares of Adobe by 5.4% during the fourth quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock valued at $1,424,799,000 after acquiring an additional 122,738 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. TD Cowen reduced their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Melius Research reissued a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. BMO Capital Markets raised their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. 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. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

Adobe Stock Performance

NASDAQ ADBE opened at $536.87 on Friday. The firm has a market cap of $238.05 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $553.76 and its 200-day moving average is $520.19. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.26 EPS. Sell-side analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

About Adobe

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.