Point72 Asia Singapore Pte. Ltd. Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Point72 Asia Singapore Pte. Ltd. raised its position in Adobe Inc. (NASDAQ:ADBE) by 282.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,033 shares of the software company’s stock after buying an additional 8,151 shares during the period. Adobe makes up about 1.1% of Point72 Asia Singapore Pte. Ltd.’s holdings, making the stock its 15th biggest holding. Point72 Asia Singapore Pte. Ltd.’s holdings in Adobe were worth $5,713,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. International Assets Investment Management LLC lifted its position in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD acquired a new stake in Adobe during the second quarter valued at approximately $663,745,000. FMR LLC lifted its holdings in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Liberty Wealth Management LLC grew its position in shares of Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its holdings in shares of Adobe by 982.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after acquiring an additional 491,627 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

ADBE has been the subject of several recent research reports. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Finally, UBS Group cut their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Adobe stock opened at $515.93 on Friday. The firm’s 50 day simple moving average is $503.01 and its 200-day simple moving average is $520.25. The company has a market cap of $227.11 billion, a P/E ratio of 43.58, a price-to-earnings-growth ratio of 2.66 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.26 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

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.