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

Nordea Investment Management AB grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.0% in the fourth quarter, HoldingsChannel reports. The fund owned 1,712,616 shares of the software company’s stock after buying 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 position. Nordea Investment Management AB’s holdings in Adobe were worth $765,094,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ADBE. Versant Capital Management Inc grew its position in shares of Adobe by 7.3% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the software company’s stock worth $184,000 after purchasing an additional 28 shares in the last quarter. Old Port Advisors grew its position in Adobe by 5.2% during the fourth quarter. Old Port Advisors now owns 867 shares of the software company’s stock worth $386,000 after buying an additional 43 shares in the last quarter. 1ST Source Bank increased its stake in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the period. DGS Capital Management LLC raised its holdings in Adobe by 1.8% in the 3rd quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock valued at $1,261,000 after acquiring an additional 42 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Adobe during the 3rd quarter valued at $14,622,000. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of recent analyst reports. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Oppenheimer dropped their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $582.96.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The shares were 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 $9,675,744.42. The trade was a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock worth $1,679,809 over the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 2.4 %

Shares of ADBE stock opened at $430.57 on Monday. The stock has a 50-day moving average of $490.31 and a 200-day 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. The stock has a market cap 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 1-year low of $425.32 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the business earned $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current 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.