GuoLine Advisory Pte Ltd Invests $30.29 Million in Adobe Inc. (NASDAQ:ADBE)

GuoLine Advisory Pte Ltd purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 60,020 shares of the software company’s stock, valued at approximately $30,286,000. Adobe comprises about 3.7% of GuoLine Advisory Pte Ltd’s holdings, making the stock its 15th biggest position.

Other large investors also recently modified their holdings of the company. Barlow Wealth Partners Inc. bought a new position in shares of Adobe in the 4th quarter worth about $16,700,000. Federated Hermes Inc. lifted its position in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its position in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the last quarter. Vise Technologies Inc. lifted its position in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the last quarter. Finally, Steph & Co. lifted 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 purchasing an additional 30 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on ADBE. Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Barclays boosted their price target on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price target on shares of Adobe in a research report on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Finally, Piper Sandler Companies dropped their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Up 1.7 %

NASDAQ ADBE traded up $9.03 during trading on Friday, reaching $555.79. The company’s stock had a trading volume of 2,695,594 shares, compared to its average volume of 3,570,922. The business has a 50-day moving average price of $481.75 and a 200-day moving average price of $535.99. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market capitalization of $248.99 billion, a PE ratio of 49.63, a PEG ratio of 2.76 and a beta of 1.27.

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

Adobe announced that its board has authorized a stock buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,270 shares of company stock valued at $1,563,166. 0.15% of the stock is owned by company insiders.

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.