Mitsubishi UFJ Trust & Banking Corp Sells 716 Shares of Adobe Inc. (NASDAQ:ADBE)

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 299,246 shares of the software company’s stock after selling 716 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.07% of Adobe worth $133,069,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADBE. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the period. FMR LLC grew its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Raymond James Financial Inc. bought a new position in Adobe in the 4th quarter valued at about $243,827,000. Assenagon Asset Management S.A. lifted its position in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the last quarter. Finally, Seilern Investment Management Ltd bought a new stake in shares of Adobe during the fourth quarter worth approximately $110,744,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the subject of several research reports. UBS Group set a $495.00 price target on Adobe in a report on Thursday, March 13th. Bank of America reduced their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. BMO Capital Markets lowered their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Stifel Nicolaus decreased their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $538.80.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $394.47 on Tuesday. The firm has a 50 day simple moving average of $433.88 and a 200 day simple moving average of $473.88. The company has a market cap of $171.75 billion, a price-to-earnings ratio of 31.81, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. 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 announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company earned $4.48 EPS. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

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.