DNB Asset Management AS Has $13.97 Million Position in Adobe Inc (ADBE)

DNB Asset Management AS lessened its holdings in Adobe Inc (NASDAQ:ADBE) by 8.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 52,437 shares of the software company’s stock after selling 4,851 shares during the period. DNB Asset Management AS’s holdings in Adobe were worth $13,974,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in Adobe by 179,005.3% in the first quarter. Pacer Advisors Inc. now owns 68,060 shares of the software company’s stock worth $18,137,000 after acquiring an additional 68,022 shares during the period. Canton Hathaway LLC bought a new position in Adobe in the first quarter worth about $35,000. Dynamic Advisor Solutions LLC raised its holdings in Adobe by 27.9% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,456 shares of the software company’s stock worth $1,187,000 after purchasing an additional 971 shares in the last quarter. Chemung Canal Trust Co. raised its holdings in Adobe by 5.1% in the first quarter. Chemung Canal Trust Co. now owns 30,275 shares of the software company’s stock worth $8,068,000 after purchasing an additional 1,471 shares in the last quarter. Finally, Triangle Securities Wealth Management raised its holdings in Adobe by 5.2% in the first quarter. Triangle Securities Wealth Management now owns 7,331 shares of the software company’s stock worth $1,954,000 after purchasing an additional 360 shares in the last quarter. Institutional investors own 86.97% of the company’s stock.

Shares of NASDAQ:ADBE traded up $5.94 during midday trading on Friday, reaching $285.58. 1,979,481 shares of the company’s stock were exchanged, compared to its average volume of 2,874,151. Adobe Inc has a fifty-two week low of $204.95 and a fifty-two week high of $291.70. The company has a market capitalization of $139.35 billion, a price-to-earnings ratio of 51.46, a PEG ratio of 2.83 and a beta of 1.11. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. The business’s revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.55 earnings per share. As a group, equities research analysts predict that Adobe Inc will post 6.24 earnings per share for the current fiscal year.

In other news, Director John E. Warnock sold 1,177 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $269.47, for a total value of $317,166.19. Following the transaction, the director now owns 16,088 shares of the company’s stock, valued at $4,335,233.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $258.13, for a total value of $774,390.00. Following the completion of the sale, the executive vice president now owns 72,368 shares in the company, valued at $18,680,351.84. The disclosure for this sale can be found here. Insiders have sold a total of 56,936 shares of company stock worth $15,481,738 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Several equities analysts have recently issued reports on the stock. BidaskClub upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Barclays reiterated a “buy” rating and issued a $304.00 target price on shares of Adobe in a research report on Monday, March 18th. DZ Bank reiterated a “hold” rating on shares of Adobe in a research report on Friday, February 22nd. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $282.00 to $340.00 in a research report on Monday, April 29th. Finally, Zacks Investment Research lowered Adobe from a “hold” rating to a “sell” rating in a research report on Tuesday, February 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Adobe presently has a consensus rating of “Buy” and a consensus price target of $288.70.

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About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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