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

Avanza Fonder AB cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.7% in the first quarter, according to the company in its most recent Form 13F filing with the 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 hedge funds and other institutional investors also recently made changes to their positions in the business. Copia Wealth Management acquired a new stake in Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC acquired a new stake in Adobe in the fourth quarter worth about $28,000. Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter worth about $31,000. Bernard Wealth Management Corp. acquired a new stake in Adobe in the fourth quarter worth about $36,000. Finally, Mascoma Wealth Management LLC increased its position in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were 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 owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Citigroup raised their target price on Adobe from $430.00 to $465.00 and gave the stock a "neutral" rating in a report on Tuesday. UBS Group raised their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday. Finally, Bank of America raised their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday. Nine 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $494.67.

Adobe Stock Down 5.3%

Shares of NASDAQ:ADBE traded down $22.00 during trading on Friday, hitting $391.68. 10,618,205 shares of the company's stock traded hands, compared to its average volume of 3,427,239. The company has a 50-day moving average price of $385.73 and a 200-day moving average price of $422.64. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a market cap of $166.93 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm earned $4.48 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company 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.