Meiji Yasuda Life Insurance Co Has $16.97 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Meiji Yasuda Life Insurance Co lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 5.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 30,549 shares of the software company’s stock after selling 1,637 shares during the period. Adobe makes up 0.3% of Meiji Yasuda Life Insurance Co’s portfolio, making the stock its 24th largest holding. Meiji Yasuda Life Insurance Co’s holdings in Adobe were worth $16,971,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after acquiring an additional 491,627 shares during the last quarter. Purus Wealth Management LLC increased its position in Adobe by 9.1% during the 2nd quarter. Purus Wealth Management LLC now owns 9,194 shares of the software company’s stock valued at $5,108,000 after purchasing an additional 764 shares during the period. E Fund Management Co. Ltd. grew its position in shares of Adobe by 16.0% during the 2nd quarter. E Fund Management Co. Ltd. now owns 12,409 shares of the software company’s stock worth $6,894,000 after buying an additional 1,714 shares during the period. Mutual of America Capital Management LLC grew its position in shares of Adobe by 0.5% during the 2nd quarter. Mutual of America Capital Management LLC now owns 62,900 shares of the software company’s stock worth $34,943,000 after buying an additional 304 shares during the period. Finally, Monetta Financial Services Inc. grew its position in shares of Adobe by 6.7% during the 2nd quarter. Monetta Financial Services Inc. now owns 1,600 shares of the software company’s stock worth $889,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE opened at $515.03 on Wednesday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market cap of $228.36 billion, a PE ratio of 46.27, a P/E/G ratio of 3.03 and a beta of 1.29. The stock has a 50 day moving average price of $551.66 and a 200 day moving average price of $519.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 earnings per share. Equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. BMO Capital Markets lifted their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.58.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock worth $14,855,543 in the last quarter. Company 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.