CloudAlpha Capital Management Limited Hong Kong Has $38.35 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

CloudAlpha Capital Management Limited Hong Kong increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 179.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,275 shares of the software company’s stock after acquiring an additional 41,275 shares during the quarter. Adobe comprises approximately 3.5% of CloudAlpha Capital Management Limited Hong Kong’s investment portfolio, making the stock its 5th biggest holding. CloudAlpha Capital Management Limited Hong Kong’s holdings in Adobe were worth $38,346,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates raised its stake in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC acquired a new stake in Adobe during the 4th quarter valued at $29,000. Finally, Fortis Capital Advisors LLC bought a new position in Adobe during the fourth quarter worth $35,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. TD Cowen reduced their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. HSBC decreased their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Trading Down 0.4 %

Shares of NASDAQ:ADBE traded down $1.77 during mid-day trading on Wednesday, reaching $474.45. 2,033,924 shares of the company’s stock were exchanged, compared to its average volume of 3,592,026. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The firm has a market capitalization of $212.55 billion, a price-to-earnings ratio of 45.36, a PEG ratio of 2.55 and a beta of 1.28. The business’s fifty day moving average price is $536.02 and its 200-day moving average price is $567.62.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. During the same period in the previous year, the business earned $2.97 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

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.