Taikang Asset Management Hong Kong Co Ltd Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Taikang Asset Management Hong Kong Co Ltd decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,850 shares of the software company’s stock after selling 3,570 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in Adobe were worth $5,714,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. United Bank increased its holdings in shares of Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Eagle Asset Management Inc. increased its stake in shares of Adobe by 13.9% in the 3rd quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock worth $8,330,000 after acquiring an additional 2,052 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of Adobe by 1.2% during the 3rd quarter. Penserra Capital Management LLC now owns 4,570 shares of the software company’s stock worth $2,365,000 after acquiring an additional 54 shares during the period. Larson Financial Group LLC boosted its position in shares of Adobe by 105.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,101 shares of the software company’s stock valued at $570,000 after acquiring an additional 564 shares during the last quarter. Finally, Centaurus Financial Inc. grew its holdings in shares of Adobe by 5.4% in the third quarter. Centaurus Financial Inc. now owns 2,681 shares of the software company’s stock valued at $1,388,000 after purchasing an additional 137 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. UBS Group set a $495.00 target price on shares of Adobe in a report on Thursday, March 13th. Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

Adobe Stock Up 1.9 %

ADBE opened at $394.47 on Tuesday. The firm has a market cap of $171.75 billion, a P/E ratio of 31.81, a PEG ratio of 2.15 and a beta of 1.37. The business’s fifty day simple moving average is $433.88 and its 200 day simple moving average is $473.88. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.