Lannebo Fonder AB Acquires 4,527 Shares of Adobe Inc. (NASDAQ:ADBE)

Lannebo Fonder AB increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,527 shares of the software company’s stock after acquiring an additional 4,527 shares during the period. Adobe comprises about 5.1% of Lannebo Fonder AB’s investment portfolio, making the stock its 6th biggest position. Lannebo Fonder AB’s holdings in Adobe were worth $36,380,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. NewSquare Capital LLC lifted its holdings in Adobe by 278.9% during the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after purchasing an additional 53 shares during the last quarter. Financial Freedom LLC bought a new position in shares of Adobe in the fourth quarter worth about $29,000. Financial Management Professionals Inc. raised its stake in shares of Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after acquiring an additional 53 shares during the last quarter. Independence Bank of Kentucky raised its stake in shares of Adobe by 209.1% in the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after acquiring an additional 46 shares during the last quarter. Finally, Fortis Capital Advisors LLC bought a new position in shares of Adobe in the fourth quarter worth about $35,000. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Dana Rao sold 2,600 shares of the stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the completion of the sale, the executive vice president now owns 17,466 shares in the company, valued at $8,387,347.86. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,135,930.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dana Rao sold 2,600 shares of Adobe stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the completion of the sale, the executive vice president now owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The disclosure for this sale can be found here. Insiders sold a total of 43,089 shares of company stock worth $20,720,115 over the last quarter. 0.24% of the stock is currently owned by insiders.

Adobe Stock Up 0.3 %

Shares of ADBE stock traded up $1.58 during trading hours on Tuesday, hitting $534.00. 835,813 shares of the company were exchanged, compared to its average volume of 3,209,181. The business has a 50 day moving average of $530.08 and a two-hundred day moving average of $443.78. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Adobe Inc. has a 52 week low of $274.73 and a 52 week high of $570.24. The company has a market capitalization of $243.40 billion, a PE ratio of 48.00, a PEG ratio of 3.17 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.63 earnings per share. Analysts anticipate that Adobe Inc. will post 12.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Bank of America boosted their target price on shares of Adobe from $630.00 to $660.00 and gave the stock a “buy” rating in a research note on Friday. TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating in a report on Wednesday, June 21st. Barclays increased their price objective on shares of Adobe from $620.00 to $640.00 and gave the company an “equal weight” rating in a report on Friday. Mizuho restated a “buy” rating and issued a $630.00 price objective on shares of Adobe in a report on Friday. Finally, BMO Capital Markets increased their price objective on shares of Adobe from $600.00 to $640.00 and gave the company an “outperform” rating in a report on Tuesday, September 12th. Nine equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $588.15.

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.