GF Fund Management CO. LTD. Makes New $37.10 Million Investment in Adobe Inc. (NASDAQ:ADBE)

GF Fund Management CO. LTD. purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 83,428 shares of the software company's stock, valued at approximately $37,099,000. Adobe accounts for about 0.8% of GF Fund Management CO. LTD.'s portfolio, making the stock its 23rd largest position.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Adobe during the 4th quarter valued at $2,553,035,000. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after purchasing an additional 952,233 shares during the period. Two Sigma Advisers LP raised its position in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Adobe by 225.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after purchasing an additional 745,827 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.16% of the company's stock.

Adobe Stock Up 1.3%

ADBE stock traded up $5.41 during trading on Tuesday, reaching $413.10. 2,678,312 shares of the company traded hands, compared to its average volume of 3,446,947. The business has a 50 day simple moving average of $377.53 and a 200 day simple moving average of $430.35. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $176.06 billion, a price-to-earnings ratio of 33.31, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same period last year, the business earned $4.48 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Bank of America decreased their price target on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company dropped their price target on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group decreased their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. DA Davidson decreased their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Evercore ISI decreased their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $502.88.

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.