Miracle Mile Advisors LLC Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Miracle Mile Advisors LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 16.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,604 shares of the software company’s stock after acquiring an additional 513 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Adobe were worth $1,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Waverly Advisors LLC raised its position in shares of Adobe by 49.6% in the 3rd quarter. Waverly Advisors LLC now owns 1,146 shares of the software company’s stock worth $584,000 after acquiring an additional 380 shares in the last quarter. Truist Financial Corp raised its position in shares of Adobe by 18.8% in the 3rd quarter. Truist Financial Corp now owns 241,903 shares of the software company’s stock worth $123,346,000 after acquiring an additional 38,352 shares in the last quarter. Axxcess Wealth Management LLC raised its position in shares of Adobe by 40.2% in the 3rd quarter. Axxcess Wealth Management LLC now owns 20,474 shares of the software company’s stock worth $10,440,000 after acquiring an additional 5,870 shares in the last quarter. AXQ Capital LP bought a new position in shares of Adobe in the 3rd quarter worth approximately $1,122,000. Finally, Alkeon Capital Management LLC bought a new position in shares of Adobe in the 3rd quarter worth approximately $152,970,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of several research reports. Barclays increased their target price on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Sanford C. Bernstein raised their price objective on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. BMO Capital Markets raised their price objective on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Finally, Robert W. Baird raised their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.8 %

Shares of NASDAQ ADBE opened at $560.01 on Tuesday. The firm has a market capitalization of $248.31 billion, a price-to-earnings ratio of 50.32, a PEG ratio of 2.90 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50 day moving average price of $485.04 and a 200 day moving average price of $534.27.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the firm posted $3.04 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.