Livforsakringsbolaget Skandia Omsesidigt Buys 7,172 Shares of Adobe Inc. (NASDAQ:ADBE)

Livforsakringsbolaget Skandia Omsesidigt raised its stake in Adobe Inc. (NASDAQ:ADBE) by 52.4% during the third quarter, HoldingsChannel.com reports. The fund owned 20,872 shares of the software company’s stock after purchasing an additional 7,172 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Adobe were worth $10,806,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Nvest Financial LLC increased its holdings in shares of Adobe by 13.0% in the third quarter. Nvest Financial LLC now owns 1,873 shares of the software company’s stock worth $970,000 after purchasing an additional 216 shares during the last quarter. Fermata Advisors LLC increased its stake in Adobe by 20.8% in the 3rd quarter. Fermata Advisors LLC now owns 945 shares of the software company’s stock worth $489,000 after acquiring an additional 163 shares during the last quarter. JGP Wealth Management LLC increased its stake in Adobe by 6.6% in the 3rd quarter. JGP Wealth Management LLC now owns 1,780 shares of the software company’s stock worth $922,000 after acquiring an additional 110 shares during the last quarter. DLK Investment Management LLC raised its holdings in shares of Adobe by 1.5% during the 3rd quarter. DLK Investment Management LLC now owns 10,050 shares of the software company’s stock worth $5,204,000 after acquiring an additional 144 shares in the last quarter. Finally, Congress Park Capital LLC boosted its position in shares of Adobe by 1.2% during the 3rd quarter. Congress Park Capital LLC now owns 5,255 shares of the software company’s stock valued at $2,721,000 after acquiring an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADBE. Robert W. Baird upped their price target on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Wells Fargo & Company increased their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,759 shares of company stock valued at $17,642,653. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.6 %

Shares of NASDAQ ADBE opened at $495.42 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $218.08 billion, a PE ratio of 41.84, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The business has a fifty day simple moving average of $537.29 and a two-hundred day simple moving average of $515.75. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the company posted $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

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.