Nomura Asset Management Co. Ltd. Purchases 6,681 Shares of Adobe Inc. (NASDAQ:ADBE)

Nomura Asset Management Co. Ltd. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 257,035 shares of the software company’s stock after acquiring an additional 6,681 shares during the period. Adobe accounts for approximately 0.6% of Nomura Asset Management Co. Ltd.’s holdings, making the stock its 26th biggest holding. Nomura Asset Management Co. Ltd. owned 0.06% of Adobe worth $153,347,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter worth $35,000. Hanseatic Management Services Inc. purchased a new stake in shares of Adobe in the third quarter worth about $45,000. First Command Advisory Services Inc. purchased a new position in shares of Adobe during the 3rd quarter valued at approximately $52,000. Finally, Advisors Preferred LLC acquired a new position in shares of Adobe in the third quarter worth about $60,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Bank of America lowered their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, Piper Sandler Companies dropped their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $7.88 during trading on Friday, hitting $475.43. 3,083,719 shares of the stock were exchanged, compared to its average volume of 3,319,054. The company has a market cap of $212.99 billion, a PE ratio of 45.63, a P/E/G ratio of 2.62 and a beta of 1.28. 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 Inc. has a 12-month low of $374.09 and a 12-month high of $638.25. The company has a fifty day moving average price of $487.14 and a two-hundred day moving average price of $556.32.

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, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the firm earned $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 in the last 90 days. 0.15% of the stock is owned by company insiders.

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.