Harvest Fund Management Co. Ltd Has $11.43 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Harvest Fund Management Co. Ltd grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 25,969 shares of the software company’s stock after acquiring an additional 2,359 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Adobe were worth $11,426,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe during the 4th quarter worth approximately $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on ADBE shares. Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. UBS Group set a $495.00 price target on Adobe in a report on Thursday, March 13th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Stifel Nicolaus dropped their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $542.00.

Adobe Trading Down 2.0 %

Shares of ADBE stock opened at $391.37 on Wednesday. The firm has a market capitalization of $170.40 billion, a P/E ratio of 31.56, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month 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. The stock’s fifty day simple moving average is $435.77 and its 200 day simple moving average is $479.02.

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

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

About Adobe

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.