E Fund Management Co. Ltd. Buys 6,690 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• E Fund Management Co. Ltd. increased its stake in Adobe Inc. by 37.1% in the first quarter, acquiring an additional 6,690 shares for a total of 24,727 shares valued at approximately $9.48 million.
• Several institutional investors have modified their holdings, with Siemens Fonds Invest GmbH expanding their position in Adobe by 252.9% in the fourth quarter.
• Adobe last reported earnings with $5.06 EPS, exceeding estimates by $0.09, driven by a 10.6% year-over-year revenue increase to $5.87 billion.

E Fund Management Co. Ltd. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 37.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,727 shares of the software company's stock after purchasing an additional 6,690 shares during the period. E Fund Management Co. Ltd.'s holdings in Adobe were worth $9,484,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC raised its stake in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Bank Pictet & Cie Europe AG raised its stake in Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares during the period. Keystone Financial Group raised its stake in Adobe by 99.2% during the 4th quarter. Keystone Financial Group now owns 783 shares of the software company's stock worth $350,000 after buying an additional 390 shares during the period. Cohen & Steers Inc. raised its stake in Adobe by 6.6% during the 4th quarter. Cohen & Steers Inc. now owns 760 shares of the software company's stock worth $338,000 after buying an additional 47 shares during the period. Finally, CreativeOne Wealth LLC raised its stake in Adobe by 0.3% during the 4th quarter. CreativeOne Wealth LLC now owns 8,555 shares of the software company's stock worth $3,804,000 after buying an additional 28 shares during the period. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.7%

Shares of NASDAQ ADBE traded down $2.49 during trading hours on Thursday, hitting $348.58. The company's stock had a trading volume of 3,742,921 shares, compared to its average volume of 3,564,123. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $147.87 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 1.66 and a beta of 1.51. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $587.75. The business has a 50-day simple moving average of $373.08 and a 200-day simple moving average of $393.45.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $4.48 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Mizuho decreased their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Melius downgraded Adobe from a "hold" rating to a "sell" rating and set a $310.00 price target for the company. in a research report on Monday. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Four 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $467.58.

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.