Milestone Asset Management LLC Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Milestone Asset Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 35.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 378 shares of the software company’s stock after selling 208 shares during the period. Milestone Asset Management LLC’s holdings in Adobe were worth $210,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tradewinds Capital Management LLC grew its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Steph & Co. lifted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe during the 2nd quarter valued at $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE stock opened at $563.12 on Tuesday. The stock’s 50 day moving average is $539.34 and its two-hundred day moving average is $521.80. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a market capitalization of $249.69 billion, a PE ratio of 50.59, a P/E/G ratio of 2.85 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE – Get Free Report) 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 net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the firm earned $3.04 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on 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. In the last 90 days, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Thursday, August 1st. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Barclays upped their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Finally, Stifel Nicolaus lowered their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

View Our Latest Research Report on Adobe

Adobe Company Profile

(Free Report)

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.

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