Adobe Inc. (NASDAQ:ADBE) Shares Bought by New Millennium Group LLC

New Millennium Group LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 105.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,020 shares of the software company's stock after purchasing an additional 1,552 shares during the quarter. Adobe comprises 1.0% of New Millennium Group LLC's holdings, making the stock its 26th biggest position. New Millennium Group LLC's holdings in Adobe were worth $1,563,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. West Family Investments Inc. boosted its holdings in Adobe by 44.6% during the third quarter. West Family Investments Inc. now owns 1,275 shares of the software company's stock worth $660,000 after buying an additional 393 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Adobe in the third quarter valued at about $25,788,000. Banque Cantonale Vaudoise raised its position in shares of Adobe by 11.7% in the third quarter. Banque Cantonale Vaudoise now owns 29,547 shares of the software company's stock valued at $15,299,000 after buying an additional 3,099 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co raised its position in shares of Adobe by 1.1% in the third quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 30,545 shares of the software company's stock valued at $15,816,000 after buying an additional 341 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its position in Adobe by 2.0% during the third quarter. Fifth Third Wealth Advisors LLC now owns 10,460 shares of the software company's stock worth $5,416,000 after purchasing an additional 207 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADBE shares. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 11th. Stifel Nicolaus lifted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an "outperform" rating for the company in a research note on Friday, September 13th. Morgan Stanley restated an "overweight" rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $606.40.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $0.10 during trading on Tuesday, hitting $499.61. 1,960,948 shares of the company were exchanged, compared to its average volume of 3,162,682. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm's fifty day moving average price is $508.38 and its 200 day moving average price is $518.85. The company has a market cap of $219.93 billion, a price-to-earnings ratio of 42.25, a PEG ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last three months. Corporate insiders own 0.15% of the company's stock.

Adobe Company 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.