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

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in Adobe Inc. (NASDAQ:ADBE) by 5.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 62,706 shares of the software company’s stock after acquiring an additional 3,049 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Adobe were worth $37,410,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ADBE. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the 3rd quarter worth $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates increased its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC purchased a new position in shares of Adobe in the 4th quarter valued at about $29,000. Finally, Halpern Financial Inc. increased its holdings in shares of Adobe by 314.3% in the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADBE. KeyCorp began coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Wednesday. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insiders Place Their Bets

In related news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock worth $5,340,250 in the last three months. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.0 %

ADBE traded up $0.20 during trading hours on Friday, reaching $504.60. 3,897,003 shares of the stock traded hands, compared to its average volume of 4,897,709. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a market cap of $228.36 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. The firm’s fifty day simple moving average is $569.77 and its two-hundred day simple moving average is $570.64.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share 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 often an indication that the company’s leadership believes its shares are 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.