Tokio Marine Asset Management Co. Ltd. Has $27.46 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Tokio Marine Asset Management Co. Ltd. raised its stake in Adobe Inc. (NASDAQ:ADBE) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,030 shares of the software company’s stock after buying an additional 660 shares during the quarter. Adobe accounts for about 1.5% of Tokio Marine Asset Management Co. Ltd.’s portfolio, making the stock its 12th largest position. Tokio Marine Asset Management Co. Ltd.’s holdings in Adobe were worth $27,461,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe in the third quarter worth about $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe in the third quarter worth about $25,000. Global Wealth Strategies & Associates increased its holdings in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the fourth quarter worth about $35,000. Finally, BluePath Capital Management LLC bought a new stake in shares of Adobe in the third quarter worth about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 984 shares of company stock valued at $577,171. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE traded up $4.22 during mid-day trading on Wednesday, reaching $477.12. The company’s stock had a trading volume of 2,335,078 shares, compared to its average volume of 3,526,816. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock has a market cap of $213.75 billion, a P/E ratio of 45.61, a PEG ratio of 2.53 and a beta of 1.28. The business has a 50-day simple moving average of $519.06 and a two-hundred day simple moving average of $565.33. 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 (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $2.97 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a share buyback 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, Oppenheimer reiterated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.