Alecta Tjanstepension Omsesidigt Takes $88.04 Million Position in Adobe Inc. (NASDAQ:ADBE)

Alecta Tjanstepension Omsesidigt acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 198,000 shares of the software company’s stock, valued at approximately $88,043,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC raised its holdings in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Adobe by 7.3% in the fourth quarter. Oppenheimer & Co. Inc. now owns 30,875 shares of the software company’s stock valued at $13,729,000 after purchasing an additional 2,104 shares during the period. Kovack Advisors Inc. increased its stake in Adobe by 56.8% in the fourth quarter. Kovack Advisors Inc. now owns 3,342 shares of the software company’s stock valued at $1,486,000 after purchasing an additional 1,211 shares during the last quarter. WT Wealth Management lifted its position in Adobe by 6.0% during the fourth quarter. WT Wealth Management now owns 4,955 shares of the software company’s stock worth $2,203,000 after buying an additional 280 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in Adobe by 2.1% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 178,474 shares of the software company’s stock worth $79,364,000 after buying an additional 3,600 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ADBE. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Oppenheimer dropped their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 price objective on shares of Adobe in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Down 0.4 %

NASDAQ:ADBE opened at $441.50 on Thursday. The business’s fifty day moving average price is $439.88 and its 200 day moving average price is $492.27. The firm has a market capitalization of $192.18 billion, a price-to-earnings ratio of 35.60, a PEG ratio of 2.15 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by insiders.

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.