Livforsakringsbolaget Skandia Omsesidigt Sells 100 Shares of Adobe Inc. (NASDAQ:ADBE)

Livforsakringsbolaget Skandia Omsesidigt cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,772 shares of the software company’s stock after selling 100 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Adobe were worth $7,964,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Siemens Fonds Invest GmbH boosted its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Adobe during the 4th quarter worth approximately $36,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $504.81.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $416.26 on Tuesday. The firm has a market cap of $177.41 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm’s fifty day moving average is $382.02 and its 200-day moving average is $423.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the business earned $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.16% of the stock is owned by company insiders.

About Adobe

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.