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

Alecta Tjanstepension Omsesidigt purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 198,000 shares of the software company's stock, valued at approximately $88,043,000.

Other large investors also recently modified their holdings of the company. Proficio Capital Partners LLC boosted its position in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. FMR LLC raised its stake in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock worth $519,646,000 after buying an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd bought a new position in Adobe during the fourth quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in Adobe in the third quarter worth about $126,703,000. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $1.30 during mid-day trading on Friday, reaching $438.49. 3,936,248 shares of the company were exchanged, compared to its average volume of 3,474,121. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The company's 50 day moving average price is $439.71 and its 200 day moving average price is $490.93. The stock has a market capitalization of $190.87 billion, a PE ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the business's 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 completion of the sale, the director now directly owns 32,929 shares of the company's stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADBE. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. StockNews.com downgraded Adobe from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 20th. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $570.88.

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.