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

Sumitomo Mitsui Trust Group Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 5.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,386,429 shares of the software company’s stock after purchasing an additional 72,195 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.32% of Adobe worth $616,517,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Strategic Financial Concepts LLC purchased a new position in Adobe during the fourth quarter valued at approximately $24,927,000. 1900 Wealth Management LLC boosted its holdings in Adobe by 4.9% in the 4th quarter. 1900 Wealth Management LLC now owns 1,584 shares of the software company’s stock valued at $704,000 after purchasing an additional 74 shares during the period. Consolidated Portfolio Review Corp grew its position in shares of Adobe by 779.9% during the 4th quarter. Consolidated Portfolio Review Corp now owns 5,728 shares of the software company’s stock valued at $2,547,000 after purchasing an additional 5,077 shares in the last quarter. Glassy Mountain Advisors Inc. increased its holdings in shares of Adobe by 1.6% in the fourth quarter. Glassy Mountain Advisors Inc. now owns 12,625 shares of the software company’s stock worth $5,614,000 after purchasing an additional 194 shares during the period. Finally, Telos Capital Management Inc. purchased a new stake in shares of Adobe in the fourth quarter worth $3,754,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Bank of America decreased their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Mizuho reduced their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Stifel Nicolaus reduced their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One 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 issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Adobe stock opened at $435.40 on Friday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $628.07. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $189.53 billion, a P/E ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. The stock’s 50 day moving average is $457.14 and its 200 day moving average is $500.93.

Adobe (NASDAQ:ADBE) last released 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 return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the company posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks purchased 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 acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on 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 directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

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.