Tredje AP fonden Sells 69,595 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Tredje AP fonden reduced its stake in Adobe Inc. by 44.6% during the first quarter, selling over 69,000 shares and holding 86,489 shares worth approximately $33.17 million.
• Adobe recently reported an EPS of $5.06, exceeding analysts' estimates and showing a 10.6% year-over-year revenue increase to $5.87 billion.
• Despite recent changes to ratings, Adobe is currently considered a Moderate Buy with an average price target of $473.88 from multiple analysts.

Tredje AP fonden cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 44.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,489 shares of the software company's stock after selling 69,595 shares during the period. Tredje AP fonden's holdings in Adobe were worth $33,171,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter worth $28,000. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter worth $28,000. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe during the 1st quarter worth $26,000. Bernard Wealth Management Corp. acquired a new position in shares of Adobe during the 4th quarter worth $36,000. Finally, Garde Capital Inc. acquired a new position in shares of Adobe during the 1st quarter worth $34,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE traded down $9.89 during midday trading on Friday, reaching $347.80. The company's stock had a trading volume of 4,305,938 shares, compared to its average volume of 3,775,404. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The stock has a market cap of $147.54 billion, a P/E ratio of 22.25, a PEG ratio of 1.73 and a beta of 1.51. The company has a fifty day simple moving average of $386.92 and a 200 day simple moving average of $399.51. 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 (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for 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 quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Mizuho dropped their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. UBS Group upped their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Finally, Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.