World Asset Management Inc lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 4.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,673 shares of the software company’s stock after selling 402 shares during the period. World Asset Management Inc’s holdings in Adobe were worth $5,665,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Isthmus Partners LLC purchased a new stake in Adobe in the 2nd quarter worth approximately $73,000. Wealthquest Corp acquired a new position in shares of Adobe during the 2nd quarter worth approximately $271,000. Midwest Professional Planners LTD. acquired a new position in shares of Adobe during the 2nd quarter worth approximately $305,000. One Charles Private Wealth Services LLC acquired a new position in shares of Adobe during the 2nd quarter worth approximately $583,000. Finally, Principal Financial Group Inc. raised its stake in shares of Adobe by 1.0% during the 2nd quarter. Principal Financial Group Inc. now owns 1,894,135 shares of the software company’s stock worth $1,109,281,000 after buying an additional 19,168 shares during the period. Institutional investors and hedge funds own 81.67% of the company’s stock.
Shares of ADBE traded up $11.87 during midday trading on Wednesday, hitting $656.88. The company had a trading volume of 29,094 shares, compared to its average volume of 2,199,907. The company’s 50-day simple moving average is $633.81 and its 200-day simple moving average is $548.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market capitalization of $312.94 billion, a P/E ratio of 55.89, a P/E/G ratio of 3.42 and a beta of 0.97. Adobe Inc. has a 1 year low of $420.78 and a 1 year high of $673.88.
Several research analysts have recently weighed in on the company. Morgan Stanley upped their target price on Adobe from $610.00 to $736.00 and gave the stock an “overweight” rating in a research note on Wednesday. They noted that the move was a valuation call. JPMorgan Chase & Co. increased their price objective on Adobe from $595.00 to $660.00 and gave the company an “overweight” rating in a research note on Friday, June 18th. Evercore ISI increased their price objective on Adobe from $550.00 to $625.00 and gave the company an “outperform” rating in a research note on Friday, June 18th. Mizuho reissued a “buy” rating and issued a $640.00 price objective (up from $600.00) on shares of Adobe in a research note on Friday, June 18th. Finally, Stifel Nicolaus raised their target price on Adobe from $675.00 to $725.00 and gave the stock a “buy” rating in a research note on Tuesday, September 7th. Five research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $622.54.
In other news, EVP Gloria Chen sold 42 shares of the business’s stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $659.63, for a total value of $27,704.46. Following the transaction, the executive vice president now owns 11,831 shares of the company’s stock, valued at $7,804,082.53. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Dana Rao sold 2,833 shares of the business’s stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $563.12, for a total value of $1,595,318.96. Following the completion of the transaction, the executive vice president now directly owns 20,144 shares in the company, valued at approximately $11,343,489.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,363 shares of company stock worth $7,711,611. 0.23% of the stock is currently owned by corporate insiders.
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.
See Also: Intrinsic Value
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