Miracle Mile Advisors LLC Invests $994,000 in Adobe Inc. (NASDAQ:ADBE)

Posted by on Mar 31st, 2023

Miracle Mile Advisors LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,953 shares of the software company’s stock, valued at approximately $994,000.

Several other hedge funds have also made changes to their positions in the business. KMG Fiduciary Partners LLC boosted its stake in shares of Adobe by 2.6% during the fourth quarter. KMG Fiduciary Partners LLC now owns 1,180 shares of the software company’s stock worth $397,000 after buying an additional 30 shares during the period. Coastal Bridge Advisors LLC boosted its stake in shares of Adobe by 2.8% during the third quarter. Coastal Bridge Advisors LLC now owns 1,152 shares of the software company’s stock worth $317,000 after buying an additional 31 shares during the period. Argus Investors Counsel Inc. boosted its stake in shares of Adobe by 0.5% during the fourth quarter. Argus Investors Counsel Inc. now owns 6,323 shares of the software company’s stock worth $2,128,000 after buying an additional 31 shares during the period. Desjardins Global Asset Management Inc. boosted its stake in shares of Adobe by 0.4% during the third quarter. Desjardins Global Asset Management Inc. now owns 9,094 shares of the software company’s stock worth $2,502,000 after buying an additional 32 shares during the period. Finally, Northwest Investment Counselors LLC boosted its stake in shares of Adobe by 19.5% during the fourth quarter. Northwest Investment Counselors LLC now owns 196 shares of the software company’s stock worth $66,000 after buying an additional 32 shares during the period. Institutional investors and hedge funds own 79.36% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on ADBE shares. Evercore ISI raised their price objective on shares of Adobe from $350.00 to $425.00 in a research report on Friday, December 16th. StockNews.com started coverage on shares of Adobe in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Mizuho raised their price objective on shares of Adobe from $370.00 to $375.00 in a research report on Thursday, March 16th. Royal Bank of Canada raised their price objective on shares of Adobe from $395.00 to $415.00 and gave the company an “outperform” rating in a research report on Wednesday, March 22nd. Finally, William Blair started coverage on shares of Adobe in a research report on Tuesday, January 17th. They issued an “outperform” rating for the company. Sixteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Hold” and a consensus price target of $388.00.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $354.78, for a total value of $46,830.96. Following the completion of the sale, the chief accounting officer now directly owns 3,610 shares of the company’s stock, valued at approximately $1,280,755.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, Director John E. Warnock sold 3,000 shares of Adobe stock in a transaction that occurred on Thursday, January 12th. The shares were sold at an average price of $341.91, for a total value of $1,025,730.00. Following the completion of the sale, the director now directly owns 380,465 shares of the company’s stock, valued at approximately $130,084,788.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, March 17th. The stock was sold at an average price of $354.78, for a total transaction of $46,830.96. Following the completion of the sale, the chief accounting officer now directly owns 3,610 shares of the company’s stock, valued at $1,280,755.80. The disclosure for this sale can be found here. In the last three months, insiders sold 22,747 shares of company stock valued at $7,915,709. Company insiders own 0.24% of the company’s stock.

Adobe Trading Up 0.7 %

Shares of ADBE opened at $381.90 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.12 and a quick ratio of 1.11. The firm has a 50 day simple moving average of $358.54 and a 200-day simple moving average of $333.96. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $473.49. The stock has a market cap of $175.13 billion, a price-to-earnings ratio of 37.63, a price-to-earnings-growth ratio of 2.29 and a beta of 1.27.

Adobe (NASDAQ:ADBE – Get Rating) last released its earnings results on Wednesday, March 15th. The software company reported $3.80 EPS for the quarter, topping the consensus estimate of $3.68 by $0.12. The firm had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.62 billion. Adobe had a net margin of 26.32% and a return on equity of 36.53%. Adobe’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.84 EPS. Equities analysts forecast that Adobe Inc. will post 12.22 EPS for the current fiscal year.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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