KLP Kapitalforvaltning AS Acquires 3,150 Shares of Adobe Inc. (NASDAQ:ADBE)

KLP Kapitalforvaltning AS increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 185,963 shares of the software company's stock after buying an additional 3,150 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Adobe were worth $71,322,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Siemens Fonds Invest GmbH increased its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe during the 1st quarter worth approximately $26,000. SWAN Capital LLC bought a new stake in Adobe in the 4th quarter valued at $28,000. Copia Wealth Management bought a new position in Adobe during the fourth quarter worth $28,000. Finally, Summit Securities Group LLC acquired a new position in shares of Adobe in the fourth quarter valued at $31,000. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and dropped their target price for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a report on Wednesday, July 2nd. Wall Street Zen cut shares of Adobe from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Mizuho cut their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Finally, UBS Group raised their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have assigned 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 target price of $473.88.

Adobe Trading Down 0.2%

Shares of NASDAQ:ADBE traded down $0.77 during mid-day trading on Thursday, reaching $371.69. 2,688,926 shares of the company's stock were exchanged, compared to its average volume of 3,784,378. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a market capitalization of $157.67 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 1.77 and a beta of 1.51. The business's fifty day moving average price is $392.60 and its 200-day moving average price is $401.60.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $4.48 EPS. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe 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.