World Investment Advisors Buys 7,701 Shares of Adobe Inc. (NASDAQ:ADBE)

World Investment Advisors grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 43.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,405 shares of the software company's stock after purchasing an additional 7,701 shares during the period. World Investment Advisors' holdings in Adobe were worth $11,297,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. United Bank raised its stake in shares of Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock worth $1,344,000 after purchasing an additional 428 shares in the last quarter. Edgestream Partners L.P. acquired a new position in Adobe in the third quarter worth approximately $719,000. Benjamin Edwards Inc. raised its position in Adobe by 1,124.5% during the third quarter. Benjamin Edwards Inc. now owns 9,135 shares of the software company's stock valued at $4,730,000 after acquiring an additional 8,389 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock valued at $60,779,000 after acquiring an additional 78,384 shares during the last quarter. Finally, IHT Wealth Management LLC grew its position in Adobe by 9.0% in the third quarter. IHT Wealth Management LLC now owns 4,907 shares of the software company's stock worth $2,531,000 after acquiring an additional 406 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ ADBE traded down $18.53 on Thursday, reaching $367.25. The company's stock had a trading volume of 5,319,125 shares, compared to its average volume of 3,339,589. Adobe Inc. has a 52 week low of $365.86 and a 52 week high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $156.52 billion, a PE ratio of 29.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The business has a 50-day moving average price of $427.38 and a 200 day moving average price of $465.15.

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Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 period in the prior year, the company posted $4.48 EPS. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a "buy" rating to a "hold" rating and reduced their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of "Moderate Buy" and an average price target of $531.54.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by company insiders.

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.