E. Ohman J or Asset Management AB Sells 1,250 Shares of Adobe Inc. (NASDAQ:ADBE)

E. Ohman J or Asset Management AB decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,591 shares of the software company’s stock after selling 1,250 shares during the quarter. Adobe makes up 1.3% of E. Ohman J or Asset Management AB’s portfolio, making the stock its 18th biggest position. E. Ohman J or Asset Management AB’s holdings in Adobe were worth $52,602,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Tradewinds Capital Management LLC boosted its position in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 2nd quarter worth approximately $33,000. Finally, Lynx Investment Advisory bought a new position in Adobe during the 2nd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,030 shares of company stock worth $17,176,005 over the last three months. 0.15% of the stock is owned by insiders.

Adobe Stock Down 0.4 %

Shares of NASDAQ:ADBE opened at $482.87 on Friday. The company has a 50-day moving average price of $532.85 and a 200 day moving average price of $515.83. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a market cap of $214.10 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company earned $3.26 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.8 earnings per share for the current year.

About Adobe

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.