Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Adobe Inc. (NASDAQ:ADBE – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,030,376 shares of the software company’s stock, valued at approximately $211,248,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.26% of Adobe as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Adobe during the fourth quarter worth about $2,275,165,000. Bank of New York Mellon Corp bought a new position in shares of Adobe in the second quarter worth approximately $954,468,000. AQR Capital Management LLC raised its stake in Adobe by 55.2% in the third quarter. AQR Capital Management LLC now owns 2,587,399 shares of the software company’s stock valued at $912,705,000 after purchasing an additional 920,353 shares in the last quarter. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Adobe in the second quarter valued at approximately $173,625,000. Finally, Amundi lifted its position in Adobe by 17.9% during the third quarter. Amundi now owns 4,888,283 shares of the software company’s stock valued at $1,711,583,000 after purchasing an additional 742,646 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.
Adobe Trading Down 3.8%
Shares of ADBE opened at $254.04 on Tuesday. The firm has a market cap of $100.98 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 0.89 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.75 and a current ratio of 0.75. Adobe Inc. has a fifty-two week low of $190.12 and a fifty-two week high of $370.86. The firm has a 50 day moving average price of $228.82 and a 200-day moving average price of $245.32.
Adobe announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 21st that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to reacquire up to 24.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Insider Activity
In related news, Director David A. Ricks acquired 10,000 shares of Adobe stock in a transaction dated Thursday, June 25th. The shares were purchased at an average cost of $194.51 per share, with a total value of $1,945,100.00. Following the completion of the purchase, the director owned 17,655 shares of the company’s stock, valued at $3,434,074.05. This represents a 130.63% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 416 shares of Adobe stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $264.33, for a total value of $109,961.28. Following the completion of the transaction, the chief accounting officer owned 3,824 shares in the company, valued at approximately $1,010,797.92. This represents a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.20% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have commented on ADBE. Royal Bank Of Canada cut their price target on shares of Adobe from $350.00 to $285.00 and set an “outperform” rating for the company in a research note on Monday, June 8th. Jefferies Financial Group dropped their price objective on shares of Adobe from $290.00 to $230.00 and set a “hold” rating for the company in a report on Friday, June 12th. DA Davidson cut their target price on shares of Adobe from $300.00 to $250.00 and set a “buy” rating for the company in a research report on Friday, June 12th. Phillip Securities downgraded Adobe from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Finally, JPMorgan Chase & Co. dropped their price target on Adobe from $420.00 to $340.00 and set an “overweight” rating for the company in a research note on Friday, June 12th. Seven investment analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $269.81.
View Our Latest Stock Analysis on ADBE
About Adobe
Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.
The company’s core offerings are organized around digital media and digital experience.
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