Adobe Inc. (NASDAQ:ADBE) Shares Sold by MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 13.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,470 shares of the software company’s stock after selling 8,236 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Adobe were worth $27,486,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Invst LLC increased its position in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. increased its holdings in Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC increased its stake in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares during the period. B & T Capital Management DBA Alpha Capital Management raised its position in Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after buying an additional 17 shares during the last quarter. Finally, Evolution Advisers Inc. lifted its stake in shares of Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.4 %

Adobe stock traded up $7.70 during trading on Tuesday, reaching $567.71. The company had a trading volume of 2,872,765 shares, compared to its average volume of 3,580,365. The firm has a market capitalization of $251.72 billion, a price-to-earnings ratio of 51.12, a PEG ratio of 2.90 and a beta of 1.30. The stock’s 50 day moving average price is $486.90 and its two-hundred day moving average price is $534.09. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

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

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock worth $15,165,916 over the last ninety days. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADBE. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Piper Sandler Companies dropped their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus decreased their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Wells Fargo & Company increased their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $607.67.

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.