Andra AP fonden Has $51.17 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Andra AP fonden trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 30.0% during the second quarter, HoldingsChannel reports. The firm owned 92,100 shares of the software company’s stock after selling 39,500 shares during the quarter. Adobe comprises 0.9% of Andra AP fonden’s portfolio, making the stock its 13th largest holding. Andra AP fonden’s holdings in Adobe were worth $51,165,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ADBE. Tradewinds Capital Management LLC grew its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter valued at about $33,000. Lynx Investment Advisory acquired a new position in shares of Adobe in the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in Adobe during the 2nd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company lifted their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Finally, KeyCorp lifted their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $605.52.

Adobe Price Performance

Shares of Adobe stock opened at $569.88 on Tuesday. 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 stock has a market capitalization of $252.68 billion, a price-to-earnings ratio of 51.20, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a 50-day simple moving average of $553.92 and a two-hundred day simple moving average of $519.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $3.04 earnings per share. Analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by corporate 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.