BI Asset Management Fondsmaeglerselskab A S Has $53.20 Million Stock Position in Adobe Inc. $ADBE

BI Asset Management Fondsmaeglerselskab A S decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 138,705 shares of the software company’s stock after selling 23,426 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Adobe were worth $53,198,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. GAMMA Investing LLC grew its stake in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock valued at $1,754,954,000 after buying an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new position in Adobe in the 1st quarter valued at $607,443,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after buying an additional 1,216,351 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after buying an additional 830,300 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. BMO Capital Markets restated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Robert W. Baird raised their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research report on Monday, June 16th. Finally, Mizuho decreased their price target on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $467.58.

Adobe Trading Up 0.7%

Shares of ADBE stock opened at $357.24 on Tuesday. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $587.75. The company has a market capitalization of $151.54 billion, a P/E ratio of 22.86, a P/E/G ratio of 1.68 and a beta of 1.51. The firm has a 50-day moving average price of $370.66 and a 200 day moving average price of $391.57. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the firm posted $4.48 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.