Mirador Capital Partners LP Invests $1.23 Million in Adobe Inc. (NASDAQ:ADBE)

Mirador Capital Partners LP bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,762 shares of the software company’s stock, valued at approximately $1,228,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter valued at $26,000. Piscataqua Savings Bank raised its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC raised its position in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Adobe in the 3rd quarter valued at $36,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $420.92 on Thursday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The firm has a market capitalization of $185.29 billion, a PE ratio of 33.95, a PEG ratio of 1.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The business’s 50-day simple moving average is $481.07 and its 200 day simple moving average is $515.02.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the company posted $3.52 earnings per share. Adobe’s revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Citigroup decreased their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Wells Fargo & Company decreased their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 over the last 90 days. Company insiders own 0.15% of the company’s stock.

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.