E Fund Management Co. Ltd. Acquires 1,714 Shares of Adobe Inc. (NASDAQ:ADBE)

E Fund Management Co. Ltd. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.0% in the second quarter, HoldingsChannel.com reports. The fund owned 12,409 shares of the software company’s stock after purchasing an additional 1,714 shares during the period. E Fund Management Co. Ltd.’s holdings in Adobe were worth $6,894,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Steph & Co. lifted its position in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. International Assets Investment Management LLC lifted its position in Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after buying an additional 398 shares during the last quarter. Choreo LLC lifted its position in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the last quarter. Eagle Asset Management Inc. lifted its position in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after buying an additional 3,120 shares during the last quarter. Finally, Quest Partners LLC lifted its position in Adobe by 23.3% in the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 111 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. KeyCorp boosted their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Mizuho reiterated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, BMO Capital Markets boosted their price objective on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Adobe Price Performance

Shares of ADBE stock opened at $515.03 on Wednesday. The stock has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a PEG ratio of 3.03 and a beta of 1.29. The business’s fifty day moving average is $551.66 and its 200 day moving average is $519.07. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.26 earnings per share. Research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,259 shares of company stock valued at $14,855,543. Insiders own 0.15% of the company’s stock.

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.