Swedbank AB Sells 7,580 Shares of Adobe Inc. $ADBE

by · The Cerbat Gem

Swedbank AB reduced its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 808,635 shares of the software company’s stock after selling 7,580 shares during the period. Swedbank AB’s holdings in Adobe were worth $310,136,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Copia Wealth Management bought a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter valued at approximately $28,000. 1248 Management LLC acquired a new position in Adobe during the first quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the first quarter valued at approximately $26,000. Finally, Flaharty Asset Management LLC acquired a new position in Adobe during the first quarter valued at approximately $29,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.1%

Shares of NASDAQ:ADBE opened at $350.55 on Friday. The company has a fifty day moving average of $357.92 and a 200-day moving average of $380.45. The company has a market capitalization of $148.70 billion, a PE ratio of 22.43, a price-to-earnings-growth ratio of 1.66 and a beta of 1.48. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. Barclays lowered their price objective on shares of Adobe from $567.00 to $460.00 and set an “overweight” rating for the company in a research report on Friday, September 5th. Citigroup lowered their price objective on shares of Adobe from $450.00 to $400.00 and set a “neutral” rating for the company in a research report on Thursday. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. BMO Capital Markets restated an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective for the company. in a research report on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $444.89.

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About Adobe

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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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