60,020 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by GuoLine Advisory Pte Ltd

GuoLine Advisory Pte Ltd bought a new position in Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to its most recent filing with the SEC. The firm bought 60,020 shares of the software company’s stock, valued at approximately $30,286,000. Adobe makes up 3.7% of GuoLine Advisory Pte Ltd’s investment portfolio, making the stock its 15th largest holding.

Other large investors also recently modified their holdings of the company. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the 4th quarter valued at $35,000. Steph & Co. raised its position in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Vima LLC purchased a new stake in Adobe in the 4th quarter valued at $55,000. Pineridge Advisors LLC purchased a new stake in Adobe in the 4th quarter valued at $60,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $61,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 1.7 %

Adobe stock traded up $9.03 during trading hours on Friday, reaching $555.79. The company had a trading volume of 2,695,594 shares, compared to its average volume of 3,570,922. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The company has a 50-day moving average price of $481.75 and a 200 day moving average price of $535.99. The firm has a market cap of $248.99 billion, a price-to-earnings ratio of 49.63, a P/E/G ratio of 2.76 and a beta of 1.27. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.04 EPS. Equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has authorized a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 3,270 shares of company stock valued at $1,563,166 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price target on shares of Adobe in a research note on Friday, June 14th. HSBC cut their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, Bank of America cut their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

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.