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

Sumitomo Life Insurance Co. decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,840 shares of the software company's stock after selling 1,333 shares during the period. 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 bought and sold shares of the company. Nordea Investment Management AB boosted its position in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock valued at $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board raised its position in Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock valued at $10,005,000 after purchasing an additional 2,100 shares in the last quarter. GAMMA Investing LLC boosted its stake in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company's stock worth $3,344,000 after buying an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock valued at $60,779,000 after acquiring an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc raised its stake in shares of Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock worth $4,411,000 after acquiring an additional 2,113 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

ADBE stock traded down $1.11 during trading on Wednesday, hitting $441.74. 2,048,904 shares of the company's stock traded hands, compared to its average volume of 3,947,139. The business has a fifty day simple moving average of $465.79 and a 200 day simple moving average of $505.60. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. 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 stock has a market capitalization of $192.29 billion, a price-to-earnings ratio of 35.64, a P/E/G ratio of 2.12 and a beta of 1.31.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. TD Cowen cut 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 report on Thursday, December 12th. BMO Capital Markets cut their price target on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. Finally, Barclays reduced their price target on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $573.00.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company's stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company's stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last quarter. Insiders own 0.15% of the company's stock.

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.