Mill Creek Capital Advisors LLC Takes $220,000 Position in Adobe Inc. (NASDAQ:ADBE)

Mill Creek Capital Advisors LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 396 shares of the software company’s stock, valued at approximately $220,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Providence Capital Advisors LLC raised its holdings in shares of Adobe by 38.8% during the second quarter. Providence Capital Advisors LLC now owns 15,222 shares of the software company’s stock valued at $8,456,000 after acquiring an additional 4,255 shares during the period. Xponance Inc. raised its stake in Adobe by 1.3% during the 2nd quarter. Xponance Inc. now owns 108,895 shares of the software company’s stock valued at $60,496,000 after purchasing an additional 1,409 shares during the period. Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Adobe in the second quarter valued at $5,501,000. Magnetar Financial LLC purchased a new position in shares of Adobe during the second quarter valued at $597,000. Finally, Public Sector Pension Investment Board lifted its stake in Adobe by 71.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 17,222 shares of the software company’s stock worth $9,568,000 after acquiring an additional 7,155 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.7 %

ADBE opened at $524.07 on Wednesday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business has a 50 day moving average of $547.57 and a 200-day moving average of $517.98. The stock has a market capitalization of $232.37 billion, a price-to-earnings ratio of 47.09, a P/E/G ratio of 3.03 and a beta of 1.29. 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 (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business posted $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ADBE. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. BMO Capital Markets upped their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Finally, Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other news, 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 transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $18,205,903 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.