OVERSEA CHINESE BANKING Corp Ltd Has $54.04 Million Stake in Adobe Inc. (NASDAQ:ADBE)

OVERSEA CHINESE BANKING Corp Ltd boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 56.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,583 shares of the software company's stock after purchasing an additional 32,705 shares during the quarter. Adobe comprises about 1.9% of OVERSEA CHINESE BANKING Corp Ltd's portfolio, making the stock its 8th biggest holding. OVERSEA CHINESE BANKING Corp Ltd's holdings in Adobe were worth $54,042,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rockland Trust Co. increased its holdings in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company's stock worth $564,000 after purchasing an additional 44 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company's stock worth $133,440,000 after acquiring an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC lifted its holdings in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company's stock valued at $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC purchased a new stake in shares of Adobe during the third quarter valued at approximately $4,141,000. Finally, Guinness Asset Management LTD increased its position in Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company's stock worth $22,734,000 after buying an additional 2,499 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE stock traded down $8.16 during mid-day trading on Friday, reaching $465.02. The company's stock had a trading volume of 3,282,142 shares, compared to its average volume of 3,213,157. The stock has a market cap of $208.33 billion, a PE ratio of 44.46, a P/E/G ratio of 2.56 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company's 50 day moving average is $527.09 and its two-hundred day moving average is $566.34.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts' consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts' expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm's quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the company posted $2.97 EPS. Equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has initiated a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company's stock, valued at $2,495,528.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of the business's stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company's stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company's stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock worth $1,848,418 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Mizuho reissued a "buy" rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a report on Thursday, March 28th. TD Cowen decreased their price objective on Adobe from $650.00 to $640.00 and set an "outperform" rating on the stock in a report on Friday, March 15th. Bank of America reduced their price target on Adobe from $700.00 to $640.00 and set a "buy" rating on the stock in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $620.72.

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.