E. Ohman J or Asset Management AB Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

E. Ohman J or Asset Management AB lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 104,166 shares of the software company's stock after selling 6,675 shares during the quarter. Adobe makes up 1.1% of E. Ohman J or Asset Management AB's holdings, making the stock its 22nd biggest position. E. Ohman J or Asset Management AB's holdings in Adobe were worth $39,951,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vest Financial LLC grew its position in shares of Adobe by 73.4% in the first quarter. Vest Financial LLC now owns 4,497 shares of the software company's stock valued at $1,725,000 after purchasing an additional 1,904 shares during the period. Breakwater Capital Group grew its position in shares of Adobe by 165.3% in the first quarter. Breakwater Capital Group now owns 1,353 shares of the software company's stock valued at $519,000 after purchasing an additional 843 shares during the period. Lake Street Private Wealth LLC grew its position in shares of Adobe by 19.0% in the first quarter. Lake Street Private Wealth LLC now owns 9,008 shares of the software company's stock valued at $3,455,000 after purchasing an additional 1,440 shares during the period. HF Advisory Group LLC grew its position in shares of Adobe by 17.2% in the first quarter. HF Advisory Group LLC now owns 3,630 shares of the software company's stock valued at $1,392,000 after purchasing an additional 532 shares during the period. Finally, Bay Rivers Group grew its position in shares of Adobe by 19.9% in the first quarter. Bay Rivers Group now owns 975 shares of the software company's stock valued at $374,000 after purchasing an additional 162 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Oppenheimer lowered their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. DA Davidson lowered their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.16% of the company's stock.

Adobe Trading Up 0.4%

Shares of Adobe stock traded up $1.72 on Friday, reaching $416.92. The company had a trading volume of 2,143,071 shares, compared to its average volume of 3,406,588. The firm's 50 day moving average price is $381.41 and its two-hundred day moving average price is $425.24. The firm has a market cap of $177.69 billion, a PE ratio of 33.62, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly 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. The business had revenue of $5.71 billion for 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 earned $4.48 EPS. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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.