AIA Group Ltd Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

AIA Group Ltd purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 2,076 shares of the software company’s stock, valued at approximately $923,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC purchased a new stake in Adobe during the 3rd quarter valued at $26,000. Groupama Asset Managment boosted its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the last quarter. True Wealth Design LLC increased its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in Adobe in the 4th quarter worth about $31,000. Finally, Summit Securities Group LLC bought a new position in Adobe during the 4th quarter valued at about $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.6 %

NASDAQ ADBE opened at $383.53 on Tuesday. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. 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 stock has a market cap of $163.46 billion, a PE ratio of 30.93, a P/E/G ratio of 2.15 and a beta of 1.37. The stock’s 50 day moving average is $430.88 and its 200 day moving average is $467.49.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 earnings per share. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Oppenheimer reduced their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $531.54.

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.