Forsta AP Fonden Sells 10,800 Shares of Adobe Inc. (NASDAQ:ADBE)

Forsta AP Fonden cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 119,200 shares of the software company’s stock after selling 10,800 shares during the period. Adobe accounts for 0.6% of Forsta AP Fonden’s portfolio, making the stock its 25th largest holding. Forsta AP Fonden’s holdings in Adobe were worth $66,220,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter worth $3,277,785,000. Concentrum Wealth Management increased its stake in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Finally, Brown Advisory Inc. increased its stake in Adobe by 5.4% in the 4th quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock worth $1,424,799,000 after buying an additional 122,738 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Thursday, August 1st. Finally, Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.86.

Adobe Price Performance

Shares of ADBE opened at $580.38 on Thursday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a 50 day moving average of $554.26 and a two-hundred day moving average of $519.89. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $257.34 billion, a price-to-earnings ratio of 52.15, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.04 earnings per share. As a group, analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. Company insiders own 0.15% of the company’s stock.

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.