Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,840 shares of the software company’s stock after selling 1,333 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Adobe were worth $10,156,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the third quarter worth $26,000. Piscataqua Savings Bank lifted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Finally, Briaud Financial Planning Inc bought a new stake in Adobe in the third quarter valued at $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on ADBE. BMO Capital Markets reduced their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. UBS Group reduced their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Royal Bank of Canada decreased their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Citigroup dropped their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of ADBE opened at $442.70 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $192.71 billion, a PE ratio of 35.70, a PEG ratio of 2.12 and a beta of 1.31. The firm’s 50 day moving average price is $466.93 and its 200 day moving average price is $506.42. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25.

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