KLP Kapitalforvaltning AS Purchases Shares of 182,813 Adobe Inc. (NASDAQ:ADBE)

KLP Kapitalforvaltning AS purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 182,813 shares of the software company's stock, valued at approximately $81,293,000.

A number of other large investors have also recently bought and sold shares of the business. Nordea Investment Management AB raised its stake in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock valued at $765,094,000 after purchasing an additional 33,414 shares during the last quarter. Arizona State Retirement System raised its position in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after buying an additional 570 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock valued at $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock worth $60,779,000 after buying an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc increased its stake in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock valued at $4,411,000 after acquiring an additional 2,113 shares during the period. 81.79% of the stock is currently owned by institutional investors.

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Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. Company insiders own 0.16% of the company's stock.

Adobe Trading Down 1.4 %

Adobe stock traded down $5.83 during mid-day trading on Wednesday, hitting $397.81. The stock had a trading volume of 3,424,244 shares, compared to its average volume of 3,192,063. 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 12 month low of $374.50 and a 12 month high of $587.75. The stock has a market capitalization of $173.21 billion, a PE ratio of 32.08, a P/E/G ratio of 2.15 and a beta of 1.37. The stock has a 50-day simple moving average of $433.31 and a two-hundred day simple moving average of $472.23.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wells Fargo & Company lowered their price objective on Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a research report on Friday, March 7th. DA Davidson reduced their price objective on shares of Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a report on Thursday, December 12th. BMO Capital Markets dropped their price target on shares of Adobe from $515.00 to $495.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Stifel Nicolaus decreased their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Finally, Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a report on Monday, March 10th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $533.85.

Adobe Company 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.