World Asset Management Inc reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.0% during the 2nd quarter, Holdings Channel reports. The fund owned 9,673 shares of the software company’s stock after selling 402 shares during the quarter. World Asset Management Inc’s holdings in Adobe were worth $5,665,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. OLD Mission Capital LLC bought a new position in Adobe in the 3rd quarter worth approximately $217,000. Total Clarity Wealth Management Inc. bought a new position in Adobe in the 1st quarter worth approximately $53,000. Avidian Wealth Solutions LLC raised its position in shares of Adobe by 2.6% during the 1st quarter. Avidian Wealth Solutions LLC now owns 1,110 shares of the software company’s stock valued at $528,000 after acquiring an additional 28 shares during the last quarter. Community Bank & Trust Waco Texas raised its position in shares of Adobe by 34.6% during the 1st quarter. Community Bank & Trust Waco Texas now owns 649 shares of the software company’s stock valued at $309,000 after acquiring an additional 167 shares during the last quarter. Finally, Wade G W & Inc. raised its position in shares of Adobe by 159.7% during the 1st quarter. Wade G W & Inc. now owns 2,893 shares of the software company’s stock valued at $1,375,000 after acquiring an additional 1,779 shares during the last quarter. 81.67% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on ADBE shares. Stifel Nicolaus upped their target price on shares of Adobe from $675.00 to $725.00 and gave the stock a “buy” rating in a research note on Tuesday, September 7th. Cowen increased their price target on shares of Adobe from $650.00 to $700.00 and gave the company an “outperform” rating in a report on Friday, September 10th. Piper Sandler increased their price target on shares of Adobe from $570.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, June 18th. Morgan Stanley increased their price target on shares of Adobe from $610.00 to $736.00 and gave the company an “overweight” rating in a report on Wednesday. They noted that the move was a valuation call. Finally, Guggenheim reaffirmed a “hold” rating on shares of Adobe in a report on Sunday, June 20th. Five analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $622.54.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.22. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.73 billion. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The business’s revenue was up 22.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.45 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 10.28 EPS for the current year.
In other Adobe news, Director John E. Warnock sold 6,000 shares of the business’s stock in a transaction dated Tuesday, June 22nd. The shares were sold at an average price of $568.40, for a total value of $3,410,400.00. Following the transaction, the director now directly owns 18,882 shares in the company, valued at $10,732,528.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gloria Chen sold 42 shares of the company’s stock in a transaction that occurred on Wednesday, August 25th. The shares were sold at an average price of $659.63, for a total transaction of $27,704.46. Following the sale, the executive vice president now owns 11,831 shares in the company, valued at $7,804,082.53. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,363 shares of company stock valued at $7,711,611. 0.23% of the stock is currently owned by insiders.
Adobe Company Profile
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
Featured Article: What is Depreciation?
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE).
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.