BOCHK Asset Management Ltd Sells 100 Shares of Adobe Inc. (NASDAQ:ADBE)

BOCHK Asset Management Ltd cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 20.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 400 shares of the software company’s stock after selling 100 shares during the period. BOCHK Asset Management Ltd’s holdings in Adobe were worth $178,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Adobe by 21.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 494,915 shares of the software company’s stock valued at $220,079,000 after purchasing an additional 85,820 shares in the last quarter. R Squared Ltd bought a new stake in shares of Adobe in the fourth quarter valued at about $141,000. Deane Retirement Strategies Inc. lifted its holdings in shares of Adobe by 119.8% in the fourth quarter. Deane Retirement Strategies Inc. now owns 8,120 shares of the software company’s stock valued at $3,611,000 after purchasing an additional 4,426 shares in the last quarter. Foster Group Inc. lifted its holdings in shares of Adobe by 4.6% in the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after purchasing an additional 23 shares in the last quarter. Finally, Capital Investment Counsel LLC bought a new stake in shares of Adobe in the fourth quarter valued at about $4,940,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.9 %

Shares of NASDAQ ADBE opened at $442.70 on Wednesday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The business has a 50-day simple moving average of $465.79 and a two-hundred day simple moving average of $505.60. 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 company has a market cap of $192.71 billion, a P/E ratio of 35.70, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the company earned $3.52 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADBE shares. Royal Bank of Canada dropped their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets dropped their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Jefferies Financial Group dropped their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.