Mn Services Vermogensbeheer B.V. increased its position in shares of Adobe Inc (NASDAQ:ADBE) by 1.2% in the 1st quarter, HoldingsChannel reports. The fund owned 271,857 shares of the software company’s stock after acquiring an additional 3,200 shares during the period. Adobe makes up about 0.8% of Mn Services Vermogensbeheer B.V.’s portfolio, making the stock its 21st largest holding. Mn Services Vermogensbeheer B.V.’s holdings in Adobe were worth $72,447,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Carderock Capital Management Inc. grew its position in Adobe by 133.8% during the 1st quarter. Carderock Capital Management Inc. now owns 11,479 shares of the software company’s stock worth $3,059,000 after purchasing an additional 6,569 shares during the last quarter. Glaxis Capital Management LLC purchased a new stake in Adobe during the 1st quarter worth approximately $1,892,000. Bruderman Asset Management LLC grew its position in Adobe by 81.0% during the 4th quarter. Bruderman Asset Management LLC now owns 1,249 shares of the software company’s stock worth $283,000 after purchasing an additional 559 shares during the last quarter. Retirement Systems of Alabama grew its position in Adobe by 0.6% during the 1st quarter. Retirement Systems of Alabama now owns 227,106 shares of the software company’s stock worth $60,521,000 after purchasing an additional 1,294 shares during the last quarter. Finally, B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund purchased a new stake in Adobe during the 4th quarter worth approximately $1,229,000. Hedge funds and other institutional investors own 86.40% of the company’s stock.
Shares of NASDAQ ADBE opened at $278.07 on Wednesday. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $291.70. The firm has a market cap of $133.51 billion, a P/E ratio of 50.10, a PEG ratio of 2.73 and a beta of 1.11. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33.
Several analysts have recently commented on the stock. Cowen downgraded shares of Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price objective on the stock. in a report on Friday, February 15th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $282.00 to $340.00 in a report on Monday, April 29th. Robert W. Baird upped their price objective on shares of Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, March 15th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Adobe in a report on Friday, March 29th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Adobe in a report on Friday, January 25th. Nine equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $289.63.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $260.54, for a total transaction of $781,620.00. Following the completion of the transaction, the chief marketing officer now directly owns 69,368 shares in the company, valued at $18,073,138.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donna Morris sold 10,000 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $290.00, for a total transaction of $2,900,000.00. The disclosure for this sale can be found here. Insiders have sold 56,936 shares of company stock worth $15,516,808 over the last three months. 0.32% of the stock is currently owned by insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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