Mn Services Vermogensbeheer B.V. Sells 2,800 Shares of Adobe Inc. (NASDAQ:ADBE)

Mn Services Vermogensbeheer B.V. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the second quarter, Holdings Channel.com reports. The firm owned 178,674 shares of the software company’s stock after selling 2,800 shares during the quarter. Adobe makes up 0.7% of Mn Services Vermogensbeheer B.V.’s holdings, making the stock its 23rd largest holding. Mn Services Vermogensbeheer B.V.’s holdings in Adobe were worth $99,261,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Bank Pictet & Cie Europe AG raised its stake in shares of Adobe by 4.4% in the 2nd quarter. Bank Pictet & Cie Europe AG now owns 26,151 shares of the software company’s stock valued at $14,528,000 after purchasing an additional 1,103 shares during the period. Banque Pictet & Cie SA raised its position in Adobe by 58.0% in the 2nd quarter. Banque Pictet & Cie SA now owns 132,430 shares of the software company’s stock valued at $73,570,000 after buying an additional 48,637 shares during the last quarter. Atlantic Union Bankshares Corp raised its position in Adobe by 23.2% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 18,823 shares of the software company’s stock valued at $10,457,000 after buying an additional 3,540 shares during the last quarter. McAdam LLC bought a new stake in Adobe in the 2nd quarter valued at approximately $211,000. Finally, LRI Investments LLC boosted its position in Adobe by 572.3% during the 2nd quarter. LRI Investments LLC now owns 2,528 shares of the software company’s stock worth $1,404,000 after acquiring an additional 2,152 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company lifted their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Stifel Nicolaus reduced their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Stock Performance

NASDAQ ADBE traded up $0.86 during trading on Friday, reaching $558.30. The company’s stock had a trading volume of 2,023,465 shares, compared to its average volume of 3,250,660. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a 50 day moving average price of $546.08 and a 200 day moving average price of $520.75. The firm has a market capitalization of $247.55 billion, a price-to-earnings ratio of 50.16, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the firm earned $3.04 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.