Skandinaviska Enskilda Banken AB publ Sells 6,823 Shares of Adobe Inc. (NASDAQ:ADBE)

Skandinaviska Enskilda Banken AB publ cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the second quarter, HoldingsChannel reports. The firm owned 515,296 shares of the software company’s stock after selling 6,823 shares during the period. Adobe comprises 1.4% of Skandinaviska Enskilda Banken AB publ’s investment portfolio, making the stock its 11th biggest position. Skandinaviska Enskilda Banken AB publ’s holdings in Adobe were worth $286,154,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Concentrum Wealth Management increased its holdings in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the period. Aveo Capital Partners LLC boosted its position in shares of Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after acquiring an additional 52 shares in the last quarter. Gryphon Financial Partners LLC increased its stake in Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after acquiring an additional 658 shares during the period. TrinityPoint Wealth LLC raised its position in Adobe by 3.0% in the fourth quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock worth $654,000 after purchasing an additional 32 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in Adobe during the fourth quarter valued at approximately $629,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $526.44 on Friday. The firm has a market capitalization of $233.42 billion, a price-to-earnings ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average of $549.91 and a 200-day moving average of $519.04.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on ADBE. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Melius Research reaffirmed a “hold” rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 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 value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,759 shares of company stock valued at $18,205,903. Company insiders own 0.15% of the company’s stock.

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.