Avanza Fonder AB Has $10.31 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Avanza Fonder AB trimmed its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 11.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,732 shares of the software company’s stock after selling 3,539 shares during the quarter. Avanza Fonder AB’s holdings in Adobe were worth $10,313,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after buying an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in Adobe in the 4th quarter worth about $76,712,000. Vest Financial LLC increased its holdings in Adobe by 13.7% in the 4th quarter. Vest Financial LLC now owns 2,593 shares of the software company’s stock worth $1,153,000 after purchasing an additional 312 shares in the last quarter. Empowered Funds LLC increased its holdings in Adobe by 22.8% in the 4th quarter. Empowered Funds LLC now owns 15,391 shares of the software company’s stock worth $6,844,000 after purchasing an additional 2,853 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its holdings in Adobe by 2.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 13,271 shares of the software company’s stock worth $5,901,000 after purchasing an additional 308 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Summit Redstone set a $410.00 target price on Adobe in a report on Wednesday, March 19th. Jefferies Financial Group decreased their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Bank of America decreased their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, Stifel Nicolaus cut their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $504.81.

Read Our Latest Stock Analysis on Adobe

Adobe Stock Performance

Shares of Adobe stock opened at $416.26 on Tuesday. The business’s fifty day simple moving average is $382.02 and its 200 day simple moving average is $423.49. The firm has a market capitalization of $177.41 billion, a P/E ratio of 33.57, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is owned by company insiders.

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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