Forsta AP Fonden Buys 10,200 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Forsta AP Fonden increased its stake in Adobe Inc. by 9.2%, purchasing an additional 10,200 shares and bringing its total holdings to 120,600 shares worth $46,254,000.
• Several hedge funds made significant modifications to their holdings, with GAMMA Investing LLC raising its investment by 46,806.6% during the same period.
• Adobe's stock recently experienced a 2.1% decline in value, trading at $338.27, while analysts maintain a consensus rating of "Moderate Buy" with a target price of $473.88.

Forsta AP Fonden raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 120,600 shares of the software company's stock after buying an additional 10,200 shares during the period. Forsta AP Fonden's holdings in Adobe were worth $46,254,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares during the period. CenterBook Partners LP acquired a new stake in Adobe during the 4th quarter worth $531,000. Phoenix Financial Ltd. raised its stake in Adobe by 18.3% during the 4th quarter. Phoenix Financial Ltd. now owns 64,070 shares of the software company's stock worth $28,492,000 after buying an additional 9,901 shares during the period. Finally, Scotia Capital Inc. raised its stake in Adobe by 22.1% during the 4th quarter. Scotia Capital Inc. now owns 198,106 shares of the software company's stock worth $88,095,000 after buying an additional 35,791 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock traded up $2.78 during trading hours on Friday, hitting $341.05. 3,506,570 shares of the company were exchanged, compared to its average volume of 3,402,612. The firm has a fifty day simple moving average of $378.55 and a 200 day simple moving average of $396.05. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market capitalization of $144.67 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.60 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 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%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $4.48 EPS. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Mizuho dropped their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. DA Davidson reissued a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

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.