Daiwa Securities Group Inc. Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Daiwa Securities Group Inc. raised its position in Adobe Inc. (NASDAQ:ADBE) by 6.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 118,173 shares of the software company’s stock after buying an additional 6,900 shares during the period. Daiwa Securities Group Inc.’s holdings in Adobe were worth $61,188,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ADBE. Summit Trail Advisors LLC lifted its stake in shares of Adobe by 6.7% in the third quarter. Summit Trail Advisors LLC now owns 7,059 shares of the software company’s stock worth $3,655,000 after acquiring an additional 444 shares in the last quarter. Cahill Financial Advisors Inc. raised its position in shares of Adobe by 24.8% in the 3rd quarter. Cahill Financial Advisors Inc. now owns 625 shares of the software company’s stock valued at $324,000 after purchasing an additional 124 shares in the last quarter. SevenBridge Financial Group LLC boosted its stake in shares of Adobe by 30.8% during the 3rd quarter. SevenBridge Financial Group LLC now owns 1,101 shares of the software company’s stock valued at $555,000 after buying an additional 259 shares during the last quarter. Centaurus Financial Inc. grew its position in shares of Adobe by 5.4% during the third quarter. Centaurus Financial Inc. now owns 2,681 shares of the software company’s stock worth $1,388,000 after buying an additional 137 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in shares of Adobe by 105.0% in the third quarter. Larson Financial Group LLC now owns 1,101 shares of the software company’s stock worth $570,000 after buying an additional 564 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Finally, Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

ADBE stock opened at $512.15 on Friday. The company has a market capitalization of $225.45 billion, a P/E ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a 50-day simple moving average of $503.13 and a 200 day simple moving average of $519.03. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $3.26 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Adobe 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.