Miracle Mile Advisors LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Miracle Mile Advisors LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 14.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,788 shares of the software company’s stock after selling 301 shares during the period. Miracle Mile Advisors LLC’s holdings in Adobe were worth $686,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Siemens Fonds Invest GmbH boosted its stake in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. SWAN Capital LLC purchased a new stake in Adobe during the fourth quarter worth $28,000. Copia Wealth Management purchased a new stake in Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter valued at $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of Adobe in the 4th quarter valued at $36,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $416.06 on Wednesday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $177.32 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company’s 50 day moving average is $382.99 and its 200 day moving average is $423.44.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Robert W. Baird decreased their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. UBS Group lifted their price objective on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research report on Monday. Bank of America decreased their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Finally, Wells Fargo & Company lowered their target price on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $503.33.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.