MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 13.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,470 shares of the software company’s stock after selling 8,236 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Adobe were worth $27,486,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the 4th quarter valued at about $35,000. Steph & Co. increased its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Vima LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $55,000. Pineridge Advisors LLC bought a new stake in Adobe during the fourth quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC purchased a new position in Adobe in the 4th quarter worth approximately $61,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.4 %

Shares of Adobe stock traded up $7.70 on Tuesday, reaching $567.71. The company’s stock had a trading volume of 2,872,765 shares, compared to its average volume of 3,580,365. 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 Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market capitalization of $251.72 billion, a price-to-earnings ratio of 51.12, a P/E/G ratio of 2.90 and a beta of 1.30. The firm’s fifty day simple moving average is $486.90 and its two-hundred day simple moving average is $534.09.

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

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

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. BMO Capital Markets lifted 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. TD Cowen reduced their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Melius Research reiterated a “hold” rating and set a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Finally, Mizuho reaffirmed a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two investment 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. 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 quarter. 0.15% of the stock is currently owned by insiders.

Adobe 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.