Daiwa Securities Group Inc. Has $61.19 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Daiwa Securities Group Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 118,173 shares of the software company’s stock after purchasing an additional 6,900 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Adobe were worth $61,188,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its stake in Adobe by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock worth $1,406,524,000 after acquiring an additional 21,444 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the period. Clearbridge Investments LLC lifted its position in shares of Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after purchasing an additional 15,685 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock worth $945,780,000 after purchasing an additional 185,737 shares during the period. Finally, International Assets Investment Management LLC grew its position in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus raised their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $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. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE opened at $512.15 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $225.45 billion, a P/E ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. The stock’s 50 day moving average price is $503.13 and its two-hundred day moving average price is $519.03. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.26 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

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.