OVERSEA CHINESE BANKING Corp Ltd Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

OVERSEA CHINESE BANKING Corp Ltd trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 10.8% during the third quarter, HoldingsChannel reports. The fund owned 80,987 shares of the software company’s stock after selling 9,832 shares during the quarter. Adobe comprises 1.2% of OVERSEA CHINESE BANKING Corp Ltd’s holdings, making the stock its 18th biggest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Adobe were worth $41,881,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares during the period. Crestwood Advisors Group LLC lifted its holdings in Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after acquiring an additional 1,464 shares during the period. Anchor Investment Management LLC boosted its position in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares in the last quarter. Fairscale Capital LLC acquired a new position in shares of Adobe during the 2nd quarter worth $1,318,000. Finally, Daymark Wealth Partners LLC lifted its stake in shares of Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after purchasing an additional 4,315 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $504.48 on Tuesday. The company has a market cap of $222.07 billion, a P/E ratio of 42.61, a P/E/G ratio of 2.55 and a beta of 1.30. The business has a fifty day simple moving average of $513.50 and a 200-day simple moving average of $517.22. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the company posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 over the last quarter. Company insiders own 0.15% of the company’s stock.

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.