Dai ichi Life Insurance Company Ltd Purchases 1,779 Shares of Adobe Inc. (NASDAQ:ADBE)

Dai ichi Life Insurance Company Ltd increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,896 shares of the software company’s stock after acquiring an additional 1,779 shares during the quarter. Adobe makes up about 0.7% of Dai ichi Life Insurance Company Ltd’s investment portfolio, making the stock its 29th largest position. Dai ichi Life Insurance Company Ltd’s holdings in Adobe were worth $28,942,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. GAMMA Investing LLC lifted its stake in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the last quarter. Hemenway Trust Co LLC grew its position in shares of Adobe by 53.1% in the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after buying an additional 3,539 shares during the last quarter. Crestwood Advisors Group LLC raised its stake in shares of Adobe by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after acquiring an additional 1,464 shares in the last quarter. Anchor Investment Management LLC lifted its position in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Finally, Fairscale Capital LLC acquired a new stake in Adobe in the second quarter valued at approximately $1,318,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 1.3 %

Shares of ADBE opened at $518.73 on Tuesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $503.08 and its 200 day moving average price is $519.50. The firm has a market cap of $228.34 billion, a P/E ratio of 43.81, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.