Adobe Inc. (NASDAQ:ADBE) Shares Bought by Tokio Marine Asset Management Co. Ltd.

Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,030 shares of the software company’s stock after buying an additional 660 shares during the quarter. Adobe makes up about 1.5% of Tokio Marine Asset Management Co. Ltd.’s investment portfolio, making the stock its 12th largest holding. Tokio Marine Asset Management Co. Ltd.’s holdings in Adobe were worth $27,461,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Concentrum Wealth Management boosted its holdings in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. International Assets Investment Management LLC acquired a new position in Adobe in the fourth quarter worth $875,592,000. Invesco Ltd. boosted its holdings in Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares during the period. Jennison Associates LLC boosted its holdings in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC acquired a new position in Adobe in the third quarter worth $152,970,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of a number of research reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. KeyCorp began coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Oppenheimer reiterated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, Barclays cut their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

NASDAQ:ADBE traded up $4.22 during mid-day trading on Wednesday, reaching $477.12. 2,335,078 shares of the stock were exchanged, compared to its average volume of 3,526,816. The business has a fifty day moving average price of $519.06 and a 200 day moving average price of $565.33. The firm has a market capitalization of $213.75 billion, a PE ratio of 45.61, a PEG ratio of 2.53 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.97 earnings per share. Research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 984 shares of company stock valued at $577,171. 0.15% of the stock is 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.