Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd increased its position in Adobe Inc. (NASDAQ:ADBE) by 0.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,301 shares of the software company’s stock after purchasing an additional 48 shares during the period. Adobe accounts for about 0.8% of Harvest Fund Management Co. Ltd’s investment portfolio, making the stock its 24th biggest holding. Harvest Fund Management Co. Ltd’s holdings in Adobe were worth $4,926,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Rockland Trust Co. grew its stake in Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its holdings in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the last quarter. Team Hewins LLC bought a new position in Adobe in the third quarter worth about $4,141,000. Finally, Guinness Asset Management LTD lifted its holdings in Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after acquiring an additional 2,499 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,175 shares of company stock worth $1,895,518. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Adobe stock traded up $6.01 during mid-day trading on Tuesday, hitting $472.90. The company’s stock had a trading volume of 2,200,448 shares, compared to its average volume of 3,540,307. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $211.86 billion, a P/E ratio of 45.21, a P/E/G ratio of 2.52 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The stock’s fifty day moving average price is $521.61 and its two-hundred day moving average price is $565.95.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 earnings per share. Research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Analyst Ratings Changes

ADBE has been the topic of a number of recent research reports. Barclays cut their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. JPMorgan Chase & Co. cut their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Company 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.