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

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 66.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,736 shares of the software company's stock after selling 3,465 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in Adobe were worth $666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Siemens Fonds Invest GmbH increased its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new position in Adobe in the fourth quarter worth approximately $28,000. Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter valued at $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 4th quarter worth $31,000. Finally, Bernard Wealth Management Corp. bought a new position in Adobe in the 4th quarter worth $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADBE. Stifel Nicolaus reduced their price target on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday. Robert W. Baird raised their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Evercore ISI restated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $494.67.

Adobe Trading Up 2.6%

ADBE stock traded up $10.05 during midday trading on Monday, reaching $401.73. The company's stock had a trading volume of 6,793,632 shares, compared to its average volume of 3,395,034. The firm has a market capitalization of $171.22 billion, a price-to-earnings ratio of 32.40, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a fifty day simple moving average of $386.76 and a two-hundred day simple moving average of $420.43.

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.