New Millennium Group LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

New Millennium Group LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,280 shares of the software company’s stock after acquiring an additional 260 shares during the quarter. Adobe makes up 0.9% of New Millennium Group LLC’s portfolio, making the stock its 28th biggest position. New Millennium Group LLC’s holdings in Adobe were worth $1,459,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its stake in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. FMR LLC boosted its position in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd bought a new position in shares of Adobe in the 4th quarter worth approximately $110,744,000. Finally, Erste Asset Management GmbH purchased a new position in shares of Adobe in the 3rd quarter valued at approximately $126,703,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada dropped their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets dropped their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Wells Fargo & Company reduced their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $573.00.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.9 %

NASDAQ ADBE opened at $437.45 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $190.42 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31. The stock’s 50-day moving average price is $463.46 and its 200-day moving average price is $504.74.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.52 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.