Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lifted by Iyo Bank Ltd.

Iyo Bank Ltd. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 11.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,210 shares of the software company’s stock after acquiring an additional 2,870 shares during the quarter. Adobe makes up about 5.7% of Iyo Bank Ltd.’s portfolio, making the stock its 4th biggest holding. Iyo Bank Ltd.’s holdings in Adobe were worth $14,235,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Barlow Wealth Partners Inc. purchased a new position in Adobe in the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. grew its holdings in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after buying an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC increased its stake in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the last quarter. Vise Technologies Inc. increased its position in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the last quarter. Finally, Steph & Co. raised its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research report on Monday, June 10th. HSBC lowered their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. TD Cowen lowered their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Trading Up 0.4 %

Shares of ADBE stock traded up $2.44 during mid-day trading on Wednesday, reaching $570.15. The company’s stock had a trading volume of 1,517,051 shares, compared to its average volume of 3,565,549. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $252.80 billion, a PE ratio of 50.85, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30. The company’s 50 day simple moving average is $488.79 and its 200-day simple moving average is $533.97. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.04 earnings per share. On average, research analysts predict that Adobe Inc. will post 14.69 EPS 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 outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders sold 28,270 shares of company stock valued at $15,165,916. Corporate 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.