Handelsbanken Fonder AB Sells 4,117 Shares of Adobe Inc. (NASDAQ:ADBE)

Handelsbanken Fonder AB decreased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 166,414 shares of the software company's stock after selling 4,117 shares during the period. Handelsbanken Fonder AB's holdings in Adobe were worth $63,825,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Siemens Fonds Invest GmbH lifted its position in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $28,000. Copia Wealth Management acquired a new stake in Adobe in the 4th quarter worth about $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe during the fourth quarter valued at approximately $36,000. 81.79% of the stock is 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 on Thursday, March 20th. The shares were purchased 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 directly 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is owned by company insiders.

Adobe Stock Down 5.7%

Shares of Adobe stock traded down $23.73 during trading hours on Friday, reaching $389.95. 6,084,631 shares of the company's stock were exchanged, compared to its average volume of 3,430,795. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a 50 day moving average of $385.73 and a two-hundred day moving average of $422.64. The stock has a market cap of $166.20 billion, a P/E ratio of 31.51, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ADBE shares. Robert W. Baird decreased their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Evercore ISI reaffirmed an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research report on Friday. DA Davidson dropped their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Wells Fargo & Company boosted their price target on Adobe from $430.00 to $470.00 and gave the stock an "overweight" rating in a research report on Friday. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $500.63.

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.