Lannebo Fonder AB cut its position in Adobe Inc (NASDAQ:ADBE) by 23.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,750 shares of the software company’s stock after selling 14,000 shares during the period. Adobe accounts for approximately 4.2% of Lannebo Fonder AB’s investment portfolio, making the stock its 8th biggest holding. Lannebo Fonder AB’s holdings in Adobe were worth $14,878,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of the stock. Change Path LLC grew its position in Adobe by 9.0% in the 4th quarter. Change Path LLC now owns 2,651 shares of the software company’s stock valued at $874,000 after purchasing an additional 218 shares during the period. First National Bank of Mount Dora Trust Investment Services raised its holdings in Adobe by 2.4% during the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 13,580 shares of the software company’s stock worth $4,479,000 after buying an additional 315 shares during the last quarter. Dai Ichi Life Insurance Company Ltd lifted its stake in shares of Adobe by 5.8% in the fourth quarter. Dai Ichi Life Insurance Company Ltd now owns 49,392 shares of the software company’s stock valued at $16,290,000 after buying an additional 2,714 shares in the last quarter. Blue Whale Capital LLP acquired a new position in shares of Adobe during the fourth quarter valued at about $19,589,000. Finally, Atlas Private Wealth Management bought a new stake in shares of Adobe during the fourth quarter worth about $1,672,000. 85.98% of the stock is owned by institutional investors and hedge funds.
NASDAQ:ADBE traded up $3.09 during trading hours on Friday, reaching $385.26. The stock had a trading volume of 1,627,227 shares, compared to its average volume of 2,763,171. The stock has a market cap of $184.13 billion, a P/E ratio of 58.37, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90. The stock has a 50 day simple moving average of $342.06 and a 200 day simple moving average of $332.10. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.23 and a current ratio of 1.23. Adobe Inc has a 12-month low of $255.13 and a 12-month high of $386.74.
A number of equities analysts have issued reports on the company. Zacks Investment Research upgraded Adobe from a “sell” rating to a “hold” rating and set a $327.00 price target for the company in a research note on Wednesday, March 18th. Stifel Nicolaus cut their target price on Adobe from $350.00 to $325.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Cowen increased their price target on Adobe from $315.00 to $325.00 and gave the company a “market perform” rating in a research report on Friday, March 13th. Oppenheimer lifted their price objective on shares of Adobe from $375.00 to $410.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $350.00 target price on shares of Adobe in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $342.54.
In other Adobe news, EVP Scott Belsky sold 600 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $352.45, for a total transaction of $211,470.00. Following the sale, the executive vice president now owns 12,817 shares in the company, valued at $4,517,351.65. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gloria Chen sold 498 shares of the firm’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $313.88, for a total value of $156,312.24. Following the completion of the transaction, the executive vice president now directly owns 9,480 shares of the company’s stock, valued at $2,975,582.40. The disclosure for this sale can be found here. Insiders sold 12,298 shares of company stock valued at $4,025,976 in the last quarter. Corporate insiders own 0.31% of the company’s stock.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, 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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