83,428 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by GF Fund Management CO. LTD.

GF Fund Management CO. LTD. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 83,428 shares of the software company’s stock, valued at approximately $37,099,000. Adobe accounts for about 0.8% of GF Fund Management CO. LTD.’s portfolio, making the stock its 23rd biggest position.

Other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new stake in Adobe during the fourth quarter valued at about $31,000. Caitlin John LLC lifted its holdings in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the last quarter. Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after purchasing an additional 50 shares during the last quarter. LFA Lugano Financial Advisors SA purchased a new stake in Adobe during the fourth quarter valued at about $38,000. Finally, Avion Wealth lifted its holdings in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after purchasing an additional 46 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.16% of the company’s stock.

Adobe Stock Down 1.6%

ADBE stock opened at $407.69 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $377.13 and its 200 day moving average is $431.95. The stock has a market cap of $173.76 billion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations 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 prior year, the business earned $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on ADBE shares. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday. Mizuho decreased their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Evercore ISI decreased their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $502.88.

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.