Nordea Investment Management AB Purchases 33,414 Shares of Adobe Inc. (NASDAQ:ADBE)

Nordea Investment Management AB grew its position in Adobe Inc. (NASDAQ:ADBE) by 2.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,712,616 shares of the software company’s stock after acquiring an additional 33,414 shares during the period. Adobe accounts for 0.8% of Nordea Investment Management AB’s portfolio, making the stock its 22nd largest holding. Nordea Investment Management AB owned about 0.39% of Adobe worth $765,094,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Private Advisor Group LLC lifted its position in Adobe by 11.5% during the 2nd quarter. Private Advisor Group LLC now owns 25,577 shares of the software company’s stock worth $14,209,000 after buying an additional 2,631 shares in the last quarter. Savant Capital LLC increased its holdings in shares of Adobe by 2.7% in the second quarter. Savant Capital LLC now owns 6,984 shares of the software company’s stock valued at $3,880,000 after purchasing an additional 186 shares in the last quarter. Advisor OS LLC raised its position in Adobe by 3.8% in the 2nd quarter. Advisor OS LLC now owns 1,374 shares of the software company’s stock worth $763,000 after purchasing an additional 50 shares during the last quarter. Umpqua Bank lifted its holdings in Adobe by 13.8% during the 2nd quarter. Umpqua Bank now owns 2,939 shares of the software company’s stock worth $1,633,000 after buying an additional 356 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in Adobe in the 2nd quarter valued at $40,417,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Barclays dropped their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. UBS Group reduced their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $582.96.

Adobe Stock Performance

Shares of ADBE opened at $430.57 on Monday. The stock has a market capitalization of $189.54 billion, a price-to-earnings ratio of 34.72, a PEG ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 12 month low of $425.32 and a 12 month high of $638.25. The firm has a fifty day simple moving average of $490.31 and a 200 day simple moving average of $520.78. 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 (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the business posted $3.52 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 16.73 EPS for the current fiscal year.

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.