Fosun International Ltd Purchases 1,521 Shares of Adobe Inc. (NASDAQ:ADBE)

Fosun International Ltd grew its position in Adobe Inc. (NASDAQ:ADBE) by 49.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,579 shares of the software company’s stock after acquiring an additional 1,521 shares during the quarter. Adobe accounts for 0.6% of Fosun International Ltd’s portfolio, making the stock its 11th biggest holding. Fosun International Ltd’s holdings in Adobe were worth $2,036,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Adobe in the 4th quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC lifted its position in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares during the period. The Manufacturers Life Insurance Company increased its position in Adobe by 225.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company’s stock valued at $478,453,000 after acquiring an additional 745,827 shares during the last quarter. Finally, FIL Ltd lifted its holdings in shares of Adobe by 130.9% in the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after acquiring an additional 730,520 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE opened at $383.28 on Friday. The firm’s 50-day moving average price is $379.67 and its 200-day moving average price is $437.08. The company has a market cap of $163.35 billion, a P/E ratio of 30.91, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. UBS Group decreased their price objective on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Finally, Robert W. Baird dropped their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $502.88.

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.