Sompo Asset Management Co. Ltd. Has $11.52 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Sompo Asset Management Co. Ltd. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,899 shares of the software company’s stock after selling 911 shares during the period. Adobe comprises about 1.9% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 10th biggest position. Sompo Asset Management Co. Ltd.’s holdings in Adobe were worth $11,517,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the fourth quarter worth about $31,000. Summit Securities Group LLC purchased a new position in Adobe in the 4th quarter valued at approximately $31,000. Caitlin John LLC raised its holdings in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares during the period. Mascoma Wealth Management LLC lifted its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after acquiring an additional 50 shares in the last quarter. Finally, LFA Lugano Financial Advisors SA bought a new position in shares of Adobe in the fourth quarter worth $38,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.9 %

Shares of NASDAQ:ADBE opened at $349.91 on Wednesday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock’s 50-day moving average price is $398.97 and its 200-day moving average price is $447.84. The stock has a market capitalization of $149.13 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company earned $4.48 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last three months. 0.16% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Wells Fargo & Company lowered their price target on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday. Oppenheimer reduced their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $506.73.

Adobe Company 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.