Skandinaviska Enskilda Banken AB publ Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Skandinaviska Enskilda Banken AB sold 57,341 shares of Adobe Inc., reducing its ownership by 17.5% to hold about 269,477 shares valued at $103.34 million.
• Analyst ratings show a mix of sentiment, with two sell ratings, nine hold ratings, and fifteen buy ratings, resulting in an average rating of "Moderate Buy" for Adobe.
• Adobe recently reported earnings of $5.06 per share, exceeding analyst expectations, with a 10.6% year-over-year revenue increase to $5.87 billion.

Skandinaviska Enskilda Banken AB publ lessened its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 269,477 shares of the software company's stock after selling 57,341 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.06% of Adobe worth $103,342,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Garde Capital Inc. purchased a new position in shares of Adobe in the 1st quarter valued at about $34,000. PFG Advisors increased its holdings in shares of Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after purchasing an additional 855 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in shares of Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after purchasing an additional 730 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe in the 4th quarter valued at about $1,173,000. Finally, Financial Counselors Inc. increased its holdings in shares of Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after purchasing an additional 5,298 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Down 0.3%

Adobe stock traded down $0.95 during trading on Friday, reaching $370.74. The company had a trading volume of 2,052,034 shares, compared to its average volume of 3,416,126. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock's 50 day moving average price is $391.01 and its two-hundred day moving average price is $400.84. The firm has a market capitalization of $157.27 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.76 and a beta of 1.51. 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 (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ADBE shares. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Wall Street Zen downgraded shares of Adobe from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. UBS Group upped their price target on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Finally, Citigroup dropped their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.