Central Asset Investments & Management Holdings HK Ltd Purchases 132 Shares of Adobe Inc. (NASDAQ:ADBE)

Central Asset Investments & Management Holdings HK Ltd grew its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 10.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,363 shares of the software company’s stock after acquiring an additional 132 shares during the period. Adobe comprises about 0.8% of Central Asset Investments & Management Holdings HK Ltd’s holdings, making the stock its 20th largest position. Central Asset Investments & Management Holdings HK Ltd’s holdings in Adobe were worth $813,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Barlow Wealth Partners Inc. purchased a new position in Adobe in the fourth quarter worth about $16,700,000. Federated Hermes Inc. boosted its position 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 purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC boosted its position 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 purchasing an additional 184 shares during the last quarter. Team Hewins LLC purchased a new position in shares of Adobe during the 3rd quarter valued at about $4,141,000. Finally, Vise Technologies Inc. lifted its position in shares of Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

ADBE stock traded up $7.30 during midday trading on Friday, reaching $465.43. The company had a trading volume of 2,684,170 shares, compared to its average volume of 3,017,338. 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 50 day moving average price of $476.71 and a 200 day moving average price of $546.22. Adobe Inc. has a fifty-two week low of $423.58 and a fifty-two week high of $638.25. The firm has a market capitalization of $208.51 billion, a PE ratio of 44.50, a P/E/G ratio of 2.48 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 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 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 quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.97 earnings per share. Analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has authorized a stock buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ADBE shares. HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Robert W. Baird lowered their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. BMO Capital Markets lowered their target price on Adobe from $610.00 to $525.00 and set an “outperform” rating for the company in a report on Thursday. KeyCorp started coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $612.79.

Check Out Our Latest Research Report on Adobe

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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