Harvest Fund Management Co. Ltd Buys 4,546 Shares of Adobe Inc. (NASDAQ:ADBE)

Harvest Fund Management Co. Ltd boosted its position in Adobe Inc. (NASDAQ:ADBE) by 23.8% in the third quarter, Holdings Channel.com reports. The firm owned 23,610 shares of the software company’s stock after buying an additional 4,546 shares during the quarter. Adobe comprises approximately 0.7% of Harvest Fund Management Co. Ltd’s investment portfolio, making the stock its 26th largest position. Harvest Fund Management Co. Ltd’s holdings in Adobe were worth $12,223,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of ADBE. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter worth $30,000. Summit Securities Group LLC purchased a new position in Adobe during the second quarter valued at $33,000. Briaud Financial Planning Inc bought a new position in shares of Adobe during the 3rd quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Adobe in the third quarter worth approximately $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 1.5 %

NASDAQ ADBE opened at $512.15 on Monday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $225.45 billion, a price-to-earnings ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. The company’s 50-day simple moving average is $503.13 and its two-hundred day simple moving average is $519.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for 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%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $3.26 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ADBE shares. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus lifted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Citigroup boosted their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.