AMF Tjanstepension AB Raises Position in Adobe Inc. (NASDAQ:ADBE)

AMF Tjanstepension AB grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 126.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 199,844 shares of the software company’s stock after acquiring an additional 111,774 shares during the period. AMF Tjanstepension AB’s holdings in Adobe were worth $100,841,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the 4th quarter worth about $35,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Vima LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $55,000. Pineridge Advisors LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $60,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Adobe in the 4th quarter worth approximately $61,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock traded up $8.78 during trading on Friday, reaching $555.54. The company’s stock had a trading volume of 5,077,912 shares, compared to its average volume of 3,590,147. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company’s fifty day moving average is $485.04 and its 200-day moving average is $535.58. The company has a market capitalization of $248.88 billion, a P/E ratio of 49.91, a price-to-earnings-growth ratio of 2.76 and a beta of 1.27. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

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

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock worth $15,165,916 over the last quarter. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ADBE. TD Cowen dropped their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. KeyCorp increased their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Citigroup decreased their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $607.67.

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.