Mirador Capital Partners LP Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Mirador Capital Partners LP lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 72.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 772 shares of the software company's stock after selling 1,990 shares during the quarter. Mirador Capital Partners LP's holdings in Adobe were worth $296,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Copia Wealth Management purchased a new position in Adobe in the fourth quarter valued at $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $31,000. Caitlin John LLC lifted its stake in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares during the last quarter. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe in the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by company insiders.

Analyst Ratings Changes

ADBE has been the subject of several research reports. BMO Capital Markets reduced their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Oppenheimer decreased their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada reduced their price target on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Price Performance

Shares of ADBE traded up $9.09 during mid-day trading on Tuesday, reaching $412.49. The company had a trading volume of 2,736,539 shares, compared to its average volume of 3,422,380. The company's 50 day simple moving average is $379.21 and its 200 day simple moving average is $426.57. The company has a market capitalization of $175.80 billion, a price-to-earnings ratio of 33.27, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 EPS. Analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.