Skandinaviska Enskilda Banken AB publ Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Skandinaviska Enskilda Banken AB publ lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 326,818 shares of the software company's stock after selling 131,579 shares during the quarter. Adobe comprises approximately 0.7% of Skandinaviska Enskilda Banken AB publ's portfolio, making the stock its 27th biggest position. Skandinaviska Enskilda Banken AB publ owned about 0.08% of Adobe worth $145,630,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. State Street Corp raised its position in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company's stock worth $10,495,544,000 after buying an additional 234,909 shares during the last quarter. Geode Capital Management LLC raised its holdings in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock worth $5,435,377,000 after purchasing an additional 147,981 shares in the last quarter. FMR LLC lifted its position in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC boosted its holdings in Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock valued at $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Adobe by 3.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company's stock worth $2,455,079,000 after buying an additional 140,390 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $438.60 on Thursday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The business has a 50-day moving average of $439.01 and a two-hundred day moving average of $484.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $190.97 billion, a PE ratio of 35.37, a P/E/G ratio of 2.15 and a beta of 1.37.

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

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a "buy" rating for the company in a report on Thursday, December 12th. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Wells Fargo & Company lowered their target price on Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $563.96.

Insiders Place Their Bets

In other news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.15% of the stock is owned by corporate insiders.

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.

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