Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mn Services Vermogensbeheer B.V.

Mn Services Vermogensbeheer B.V. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 166,574 shares of the software company's stock after selling 11,900 shares during the quarter. Mn Services Vermogensbeheer B.V.'s holdings in Adobe were worth $63,886,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Copia Wealth Management acquired a new position in shares of Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC acquired a new position in shares of Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe during the fourth quarter worth about $31,000. Bernard Wealth Management Corp. acquired a new position in shares of Adobe during the fourth quarter worth about $36,000. Finally, Mascoma Wealth Management LLC grew its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after buying an additional 50 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. JPMorgan Chase & Co. decreased their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday. Wells Fargo & Company boosted their target price on Adobe from $430.00 to $470.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They set a "neutral" rating for the company. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $494.67.

Adobe Stock Performance

Shares of Adobe stock traded down $22.00 during trading hours on Friday, hitting $391.68. 10,618,205 shares of the company were exchanged, compared to its average volume of 3,381,385. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average of $386.76 and a 200-day moving average of $421.08. The stock has a market capitalization of $166.93 billion, a price-to-earnings ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.