Harvest Fund Management Co. Ltd Acquires 1,503 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Harvest Fund Management Co. Ltd boosted its stake in Adobe Inc. by 5.8%, owning 27,472 shares worth approximately $10.5 million as of the recent quarter.
• Despite a slight decline of 0.3% in its stock price, Adobe reported strong quarterly earnings of $5.06 EPS, surpassing expectations and showcasing a 10.6% increase in revenue year-over-year.
• Wall Street analysts have upgraded Adobe's stock ratings, with a consensus target price of $473.88 and multiple analysts showing increased confidence in the company’s growth potential.

Harvest Fund Management Co. Ltd lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 27,472 shares of the software company's stock after purchasing an additional 1,503 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Adobe were worth $10,533,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Siemens Fonds Invest GmbH raised its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the 1st quarter valued at approximately $26,000. SWAN Capital LLC bought a new position in shares of Adobe in the 4th quarter valued at approximately $28,000. Copia Wealth Management bought a new position in shares of Adobe in the 4th quarter valued at approximately $28,000. Finally, Summit Securities Group LLC bought a new position in shares of Adobe in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

ADBE stock traded down $9.89 during trading on Friday, hitting $347.80. The company had a trading volume of 4,256,661 shares, compared to its average volume of 3,769,176. The company has a fifty day moving average price of $386.92 and a two-hundred day moving average price of $399.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market cap of $147.54 billion, a P/E ratio of 22.25, a P/E/G ratio of 1.73 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS 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 analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.48 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ADBE shares. Evercore ISI reissued an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Morgan Stanley cut their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Robert W. Baird raised their target price on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Finally, Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price 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.