Tredje AP fonden Has $92.61 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Tredje AP fonden lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 166,696 shares of the software company’s stock after acquiring an additional 16,400 shares during the period. Adobe makes up approximately 0.9% of Tredje AP fonden’s investment portfolio, making the stock its 26th largest position. Tredje AP fonden’s holdings in Adobe were worth $92,606,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ADBE. Tradewinds Capital Management LLC boosted its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC increased its stake in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe during the 2nd quarter worth $33,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in Adobe in the 2nd quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $515.03 on Wednesday. The company has a fifty day moving average price of $551.66 and a 200-day moving average price of $519.07. The firm has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the firm posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on ADBE. Mizuho reiterated a “buy” rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is 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.