Sumitomo Mitsui Trust Group Inc. Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,386,429 shares of the software company’s stock after acquiring an additional 72,195 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Adobe were worth $616,517,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. CWM LLC increased its position in Adobe by 7.9% in the third quarter. CWM LLC now owns 42,449 shares of the software company’s stock worth $21,979,000 after buying an additional 3,097 shares in the last quarter. Abner Herrman & Brock LLC increased its position in Adobe by 3.1% in the third quarter. Abner Herrman & Brock LLC now owns 31,310 shares of the software company’s stock worth $16,212,000 after buying an additional 932 shares in the last quarter. Marcum Wealth LLC increased its position in Adobe by 4.4% in the third quarter. Marcum Wealth LLC now owns 1,152 shares of the software company’s stock worth $596,000 after buying an additional 49 shares in the last quarter. Sanibel Captiva Trust Company Inc. increased its position in Adobe by 0.5% in the third quarter. Sanibel Captiva Trust Company Inc. now owns 35,231 shares of the software company’s stock worth $18,242,000 after buying an additional 160 shares in the last quarter. Finally, Enterprise Bank & Trust Co increased its position in Adobe by 1.5% in the third quarter. Enterprise Bank & Trust Co now owns 2,409 shares of the software company’s stock worth $1,247,000 after buying an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Jefferies Financial Group dropped their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Oppenheimer dropped their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

Shares of ADBE stock opened at $435.40 on Friday. The company has a market capitalization of $189.53 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The company’s 50-day simple moving average is $457.14 and its two-hundred day simple moving average is $500.93. Adobe Inc. has a one year low of $403.75 and a one year high of $628.07. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $3.52 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 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.