Lannebo Fonder AB Reduces Stock Holdings in Adobe Inc (NASDAQ:ADBE)

Lannebo Fonder AB trimmed its holdings in Adobe Inc (NASDAQ:ADBE) by 23.0% in the 1st quarter, Holdings Channel reports. The fund owned 46,750 shares of the software company’s stock after selling 14,000 shares during the quarter. Adobe accounts for about 4.2% of Lannebo Fonder AB’s investment portfolio, making the stock its 8th biggest position. Lannebo Fonder AB’s holdings in Adobe were worth $14,878,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Stephenson National Bank & Trust purchased a new stake in Adobe in the fourth quarter worth about $25,000. Lion Street Advisors LLC bought a new stake in shares of Adobe in the 1st quarter worth approximately $25,000. Sowa Financial Group Inc. purchased a new stake in shares of Adobe in the 4th quarter worth approximately $26,000. Solstein Capital LLC bought a new position in Adobe during the 4th quarter valued at approximately $27,000. Finally, Laurel Wealth Advisors LLC raised its stake in Adobe by 50.0% during the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after buying an additional 32 shares during the last quarter. 85.98% of the stock is owned by institutional investors.

A number of research firms have recently commented on ADBE. Oppenheimer increased their target price on Adobe from $375.00 to $410.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Credit Suisse Group restated a “buy” rating and set a $370.00 price objective on shares of Adobe in a research note on Wednesday, April 1st. Royal Bank of Canada decreased their target price on shares of Adobe from $345.00 to $325.00 in a report on Friday, March 13th. Wells Fargo & Co cut their price target on shares of Adobe from $345.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, March 13th. Finally, Bank of America restated a “buy” rating and issued a $360.00 price objective on shares of Adobe in a report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $342.54.

In related news, EVP Scott Belsky sold 600 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $301.40, for a total value of $180,840.00. Following the completion of the sale, the executive vice president now directly owns 13,655 shares of the company’s stock, valued at approximately $4,115,617. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $306.97, for a total transaction of $1,534,850.00. Following the completion of the sale, the chief marketing officer now directly owns 59,565 shares of the company’s stock, valued at $18,284,668.05. The disclosure for this sale can be found here. Insiders sold 12,298 shares of company stock worth $4,025,976 in the last ninety days. Corporate insiders own 0.31% of the company’s stock.

ADBE traded up $3.09 during trading on Friday, hitting $385.26. The company’s stock had a trading volume of 1,627,227 shares, compared to its average volume of 2,763,171. The business’s 50 day simple moving average is $342.06 and its 200-day simple moving average is $332.10. The firm has a market cap of $184.13 billion, a PE ratio of 58.37, a P/E/G ratio of 2.98 and a beta of 0.90. Adobe Inc has a one year low of $255.13 and a one year high of $386.74. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.39.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 12th. The software company reported $2.27 EPS for the quarter, topping the consensus estimate of $2.23 by $0.04. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.05 billion. Adobe had a return on equity of 33.54% and a net margin of 27.72%. Adobe’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.71 EPS. Equities research analysts expect that Adobe Inc will post 8 EPS for the current fiscal year.

Adobe Company Profile

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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