Mn Services Vermogensbeheer B.V. Sells 3,800 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Mn Services Vermogensbeheer B.V. cut its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 2.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 174,874 shares of the software company’s stock after selling 3,800 shares during the period. Adobe comprises about 0.6% of Mn Services Vermogensbeheer B.V.’s investment portfolio, making the stock its 26th largest position. Mn Services Vermogensbeheer B.V.’s holdings in Adobe were worth $90,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the stock. Piscataqua Savings Bank raised its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe in the second quarter valued at about $33,000. Highline Wealth Partners LLC purchased a new stake in Adobe in the third quarter worth about $38,000. Finally, Lynx Investment Advisory bought a new position in Adobe during the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ ADBE traded down $0.93 during trading hours on Monday, reaching $481.87. The stock had a trading volume of 229,641 shares, compared to its average volume of 3,162,427. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a fifty day moving average of $522.17 and a 200 day moving average of $516.20. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $212.12 billion, a P/E ratio of 40.58, a price-to-earnings-growth ratio of 2.46 and a beta of 1.30.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

View Our Latest Analysis on Adobe

Adobe Company Profile

(Free Report)

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.

See Also

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