Handelsinvest Investeringsforvaltning Purchases 204 Shares of Adobe Inc. (NASDAQ:ADBE)

Handelsinvest Investeringsforvaltning lifted its position in Adobe Inc. (NASDAQ:ADBE) by 6.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,494 shares of the software company’s stock after purchasing an additional 204 shares during the quarter. Adobe accounts for approximately 0.8% of Handelsinvest Investeringsforvaltning’s holdings, making the stock its 23rd biggest holding. Handelsinvest Investeringsforvaltning’s holdings in Adobe were worth $1,763,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Alkeon Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth about $152,970,000. Evergreen Capital Management LLC lifted its position in Adobe by 4.2% during the 3rd quarter. Evergreen Capital Management LLC now owns 3,241 shares of the software company’s stock worth $1,653,000 after buying an additional 130 shares in the last quarter. Legacy Advisors LLC lifted its position in Adobe by 4.6% during the 3rd quarter. Legacy Advisors LLC now owns 1,285 shares of the software company’s stock worth $655,000 after buying an additional 57 shares in the last quarter. Lowe Brockenbrough & Co. Inc. lifted its position in Adobe by 0.7% during the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 17,530 shares of the software company’s stock worth $8,938,000 after buying an additional 120 shares in the last quarter. Finally, Kettle Hill Capital Management LLC lifted its position in Adobe by 60.7% during the 3rd quarter. Kettle Hill Capital Management LLC now owns 11,116 shares of the software company’s stock worth $5,668,000 after buying an additional 4,199 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock valued at $15,165,916 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ADBE shares. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the company from $570.00 to $580.00 in a research report on Friday, June 14th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company upped their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Finally, DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Price Performance

Shares of ADBE opened at $570.91 on Wednesday. The stock has a market capitalization of $253.14 billion, a P/E ratio of 51.01, a P/E/G ratio of 2.90 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a 50 day moving average of $486.90 and a 200-day moving average of $534.09. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $3.04 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.