Handelsbanken Fonder AB Has $63.83 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Handelsbanken Fonder AB lessened its position in Adobe Inc. (NASDAQ:ADBE) by 2.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 166,414 shares of the software company’s stock after selling 4,117 shares during the period. Handelsbanken Fonder AB’s holdings in Adobe were worth $63,825,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Siemens Fonds Invest GmbH increased its stake in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new position in Adobe in the 4th quarter valued at about $28,000. Copia Wealth Management acquired a new position in Adobe during the 4th quarter valued at about $28,000. Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of Adobe in the fourth quarter worth approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $416.26 on Tuesday. The company has a market capitalization of $177.41 billion, a P/E ratio of 33.57, a P/E/G ratio of 2.15 and a beta of 1.55. The business has a fifty day simple moving average of $382.02 and a two-hundred day simple moving average of $423.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. BMO Capital Markets cut their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Citigroup dropped their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $504.81.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Adobe 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.