Adobe Inc. (NASDAQ:ADBE) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Adobe Inc. by 13.4%, now holding a total of 93,037 shares, valued at approximately $35.9 million.
• Adobe's latest quarterly earnings report showed $5.06 earnings per share, surpassing estimates, and a 10.6% increase in revenue year-over-year.
• Analysts have mixed views on Adobe stock, with price targets ranging from $280 to $600 and an average rating of "Moderate Buy".

OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 93,037 shares of the software company's stock after purchasing an additional 10,999 shares during the quarter. Adobe comprises approximately 1.0% of OVERSEA CHINESE BANKING Corp Ltd's portfolio, making the stock its 25th largest holding. OVERSEA CHINESE BANKING Corp Ltd's holdings in Adobe were worth $35,897,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Sepio Capital LP grew its holdings in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the last quarter. Cadence Bank grew its holdings in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC grew its holdings in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC grew its holdings in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC grew its holdings in shares of Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 2.8%

Adobe stock opened at $347.80 on Friday. The company's 50 day simple moving average is $385.72 and its 200 day simple moving average is $399.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market capitalization of $147.54 billion, a price-to-earnings ratio of 22.25, a PEG ratio of 1.70 and a beta of 1.52. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm earned $4.48 EPS. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Evercore ISI restated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Morgan Stanley lowered their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

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.

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