Tredje AP fonden Sells 17,936 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Tredje AP fonden lowered its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 10.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 156,084 shares of the software company’s stock after selling 17,936 shares during the period. Tredje AP fonden’s holdings in Adobe were worth $69,407,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter worth approximately $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Adobe during the 4th quarter worth $31,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. 0.15% of the stock is owned by company insiders.

Adobe Stock Up 1.1 %

NASDAQ:ADBE opened at $438.60 on Thursday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a 50-day moving average of $439.01 and a 200 day moving average of $484.54. The firm has a market cap of $190.97 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADBE. BMO Capital Markets set a $515.00 price target on Adobe and gave the company an “outperform” rating in a report on Friday, March 7th. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $563.96.

Read Our Latest Stock Analysis on Adobe

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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