E Fund Management Co. Ltd. Sells 203 Shares of Adobe Inc. (NASDAQ:ADBE)

E Fund Management Co. Ltd. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,236 shares of the software company’s stock after selling 203 shares during the quarter. Adobe comprises approximately 0.3% of E Fund Management Co. Ltd.’s portfolio, making the stock its 29th biggest holding. E Fund Management Co. Ltd.’s holdings in Adobe were worth $4,914,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Concentrum Wealth Management raised its stake in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Adobe in the fourth quarter worth about $875,592,000. Invesco Ltd. grew its stake in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Jennison Associates LLC lifted its stake in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new position in shares of Adobe during the 3rd quarter valued at $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 1.1 %

NASDAQ ADBE traded down $5.45 during mid-day trading on Thursday, reaching $482.65. The stock had a trading volume of 2,293,579 shares, compared to its average volume of 3,404,882. The stock has a market cap of $216.23 billion, a PE ratio of 46.14, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a fifty day moving average price of $504.52 and a 200 day moving average price of $560.49.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The company 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%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $2.97 earnings per share. On average, research analysts expect 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 permits the company to repurchase $25.00 billion in 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 usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Bank of America decreased their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Robert W. Baird lowered their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by insiders.

Adobe 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.