228,992 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Lansforsakringar Fondforvaltning AB publ

Lansforsakringar Fondforvaltning AB publ purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 228,992 shares of the software company's stock, valued at approximately $101,828,000. Adobe makes up about 1.2% of Lansforsakringar Fondforvaltning AB publ's investment portfolio, making the stock its 17th largest holding. Lansforsakringar Fondforvaltning AB publ owned 0.05% of Adobe at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Arizona State Retirement System increased its position in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after purchasing an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in shares of Adobe in the fourth quarter worth $1,173,000. Silicon Valley Capital Partners boosted its stake in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after purchasing an additional 236 shares during the period. Horan Capital Advisors LLC. boosted its stake in shares of Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after purchasing an additional 114 shares during the period. Finally, Stonegate Investment Group LLC boosted its stake in shares of Adobe by 9.1% in the fourth quarter. Stonegate Investment Group LLC now owns 10,629 shares of the software company's stock valued at $4,727,000 after purchasing an additional 888 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE traded up $1.40 during mid-day trading on Friday, hitting $414.76. The company's stock had a trading volume of 4,229,413 shares, compared to its average volume of 3,438,456. The firm has a 50-day moving average price of $379.10 and a 200 day moving average price of $428.70. The stock has a market capitalization of $176.77 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. 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 released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate 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 last year, the firm posted $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADBE shares. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. UBS Group reduced their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Transactions at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the company's 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 completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by insiders.

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.