E Fund Management Co. Ltd. Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

E Fund Management Co. Ltd. lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,236 shares of the software company’s stock after selling 203 shares during the period. Adobe accounts for 0.3% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its 29th largest holding. E Fund Management Co. Ltd.’s holdings in Adobe were worth $4,914,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. HBC Financial Services PLLC acquired a new position in shares of Adobe during the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the 4th quarter worth approximately $35,000. BluePath Capital Management LLC acquired a new stake in shares of Adobe in the 3rd quarter worth approximately $39,000. Hanseatic Management Services Inc. purchased a new stake in Adobe during the third quarter worth $45,000. Finally, First Command Advisory Services Inc. acquired a new stake in Adobe in the third quarter valued at $52,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $5.45 during trading hours on Thursday, hitting $482.65. The stock had a trading volume of 2,293,579 shares, compared to its average volume of 3,404,882. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s fifty day simple moving average is $504.52 and its 200 day simple moving average is $560.49. The firm has a market capitalization of $216.23 billion, a price-to-earnings ratio of 46.14, a PEG 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.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 EPS. Sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ADBE shares. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. HSBC dropped 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. Piper Sandler Companies reduced their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, UBS Group cut their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 over the last three months. Corporate insiders own 0.15% of the company’s stock.

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.