Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Forsta AP Fonden

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Forsta AP Fonden increased its stake in Adobe Inc. (NASDAQ:ADBE) by 31.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,400 shares of the software company’s stock after acquiring an additional 19,100 shares during the period. Adobe makes up about 1.3% of Forsta AP Fonden’s holdings, making the stock its 11th largest holding. Forsta AP Fonden’s holdings in Adobe were worth $39,431,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Ellis Investment Partners LLC raised its stake in Adobe by 22.0% in the third quarter. Ellis Investment Partners LLC now owns 122 shares of the software company’s stock valued at $59,000 after buying an additional 22 shares in the last quarter. Spotlight Asset Group Inc. increased its position in shares of Adobe by 3.3% during the second quarter. Spotlight Asset Group Inc. now owns 715 shares of the software company’s stock worth $311,000 after purchasing an additional 23 shares in the last quarter. Legacy Bridge LLC increased its position in shares of Adobe by 20.2% during the second quarter. Legacy Bridge LLC now owns 149 shares of the software company’s stock worth $65,000 after purchasing an additional 25 shares in the last quarter. Gradient Investments LLC increased its position in shares of Adobe by 26.3% during the third quarter. Gradient Investments LLC now owns 120 shares of the software company’s stock worth $59,000 after purchasing an additional 25 shares in the last quarter. Finally, TPG Financial Advisors LLC increased its position in shares of Adobe by 4.8% during the third quarter. TPG Financial Advisors LLC now owns 546 shares of the software company’s stock worth $268,000 after purchasing an additional 25 shares in the last quarter. Institutional investors and hedge funds own 84.03% of the company’s stock.

A number of analysts have recently commented on the company. Morgan Stanley lifted their target price on Adobe from $450.00 to $560.00 and gave the stock an “overweight” rating in a research report on Monday, September 14th. Royal Bank of Canada raised their price target on Adobe from $550.00 to $570.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Bank of America raised their price target on Adobe from $440.00 to $570.00 and gave the stock a “buy” rating in a report on Wednesday, September 16th. Jefferies Financial Group lifted their price objective on Adobe from $570.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Finally, Cowen upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $400.00 to $555.00 in a research report on Friday, September 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-four have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $507.10.

In other news, EVP Gloria Chen sold 484 shares of the company’s stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $499.00, for a total value of $241,516.00. Following the sale, the executive vice president now owns 6,881 shares in the company, valued at approximately $3,433,619. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Ann Lewnes sold 5,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $447.59, for a total transaction of $2,237,950.00. Following the completion of the sale, the chief marketing officer now owns 40,257 shares in the company, valued at approximately $18,018,630.63. The disclosure for this sale can be found here. Insiders have sold a total of 52,376 shares of company stock valued at $24,239,528 over the last three months. Corporate insiders own 0.31% of the company’s stock.

Shares of Adobe stock traded up $4.90 during mid-day trading on Friday, reaching $488.50. 1,899,599 shares of the stock traded hands, compared to its average volume of 2,258,963. The business has a 50-day moving average of $487.10 and a 200 day moving average of $427.17. Adobe Inc. has a fifty-two week low of $255.13 and a fifty-two week high of $536.88. The stock has a market capitalization of $234.34 billion, a PE ratio of 61.52, a PEG ratio of 3.17 and a beta of 0.97. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.35.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the firm earned $2.05 earnings per share. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc. will post 8.23 EPS for the current fiscal year.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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