KLP Kapitalforvaltning AS Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

KLP Kapitalforvaltning AS bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel.com reports. The firm bought 182,813 shares of the software company’s stock, valued at approximately $81,293,000.

A number of other hedge funds also recently bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at $26,000. Groupama Asset Managment increased its position in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the period. True Wealth Design LLC grew its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Decker Retirement Planning Inc. acquired a new stake in Adobe during the 4th quarter worth about $31,000. Finally, Caitlin John LLC grew its position in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Sanford C. Bernstein decreased their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Redburn Atlantic initiated coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Bank of America decreased their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Eleven equities research 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 company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction 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. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Trading Down 0.6 %

Shares of Adobe stock opened at $387.26 on Friday. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s 50-day simple moving average is $434.16 and its 200-day simple moving average is $476.46. The firm has a market cap of $168.62 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.