New Millennium Group LLC Has $487,000 Position in Adobe Inc. (NASDAQ:ADBE)

New Millennium Group LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 61.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,269 shares of the software company's stock after selling 2,011 shares during the period. New Millennium Group LLC's holdings in Adobe were worth $487,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Copia Wealth Management acquired a new stake in Adobe during the 4th quarter worth $28,000. SWAN Capital LLC acquired a new position in shares of Adobe in the 4th quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the 1st quarter worth $26,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the fourth quarter worth $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Adobe during the fourth quarter worth $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 3.5%

ADBE stock traded down $13.63 during mid-day trading on Wednesday, reaching $378.47. The company had a trading volume of 6,906,864 shares, compared to its average volume of 3,425,546. The company has a market capitalization of $160.55 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 1.86 and a beta of 1.51. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a 50 day simple moving average of $394.95 and a two-hundred day simple moving average of $409.57. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the firm posted $4.48 EPS. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. Summit Redstone set a $410.00 target price on Adobe in a report on Wednesday, March 19th. DA Davidson reissued a "buy" rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Evercore ISI reiterated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Finally, Redburn Atlantic reissued a "sell" rating and issued a $280.00 price target (down previously from $420.00) on shares of Adobe in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

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.