Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 10.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,577 shares of the software company’s stock after acquiring an additional 154 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Adobe were worth $817,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ADBE. Wellington Management Group LLP boosted its holdings in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB acquired a new position in Adobe in the first quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD purchased a new position in Adobe in the second quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD increased its stake in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP raised its position in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.8 %

NASDAQ ADBE opened at $496.24 on Wednesday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50 day moving average of $540.76 and a two-hundred day moving average of $516.09. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $220.03 billion, a PE ratio of 44.59, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 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 in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ADBE shares. Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Friday, September 13th. UBS Group decreased their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

About Adobe

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.