Adobe Inc. (NASDAQ:ADBE) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd cut its stake in Adobe Inc. (NASDAQ:ADBE) by 10.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,987 shares of the software company’s stock after selling 9,832 shares during the quarter. Adobe comprises approximately 1.2% of OVERSEA CHINESE BANKING Corp Ltd’s investment portfolio, 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.

Several other institutional investors have also modified their holdings of ADBE. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 2nd quarter worth about $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe during the 3rd quarter worth about $38,000. Lynx Investment Advisory purchased a new stake in Adobe in the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in Adobe in the second quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ADBE. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Citigroup raised 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, Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $504.48 on Tuesday. The firm has a market capitalization 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 company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm’s 50 day moving average is $513.50 and its two-hundred day moving average is $517.22.

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

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is currently 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.