World Asset Management Inc Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

World Asset Management Inc lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 4.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Isthmus Partners LLC purchased a new position in Adobe in the 2nd quarter worth approximately $73,000. Wealthquest Corp purchased a new position in Adobe in the 2nd quarter worth approximately $271,000. Midwest Professional Planners LTD. purchased a new position in Adobe in the 2nd quarter worth approximately $305,000. One Charles Private Wealth Services LLC purchased a new position in Adobe in the 2nd quarter worth approximately $583,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Adobe by 1.0% in 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 acquiring an additional 19,168 shares during the last quarter. 81.67% of the stock is owned by institutional investors and hedge funds.

In other news, Director John E. Warnock sold 6,000 shares of Adobe stock in a transaction on Tuesday, June 22nd. The stock was sold at an average price of $568.40, for a total transaction of $3,410,400.00. Following the completion of the sale, 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 the SEC website. Also, EVP Gloria Chen sold 42 shares of Adobe stock in a transaction 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 sale, the executive vice president now owns 11,831 shares of the company’s stock, valued at $7,804,082.53. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,363 shares of company stock valued at $7,711,611. 0.23% of the stock is currently owned by insiders.

A number of brokerages have recently weighed in on ADBE. BMO Capital Markets boosted their price objective on shares of Adobe from $585.00 to $630.00 and gave the stock an “outperform” rating in a report on Friday, June 18th. Royal Bank of Canada boosted their price objective on shares of Adobe from $575.00 to $650.00 and gave the stock an “outperform” rating in a report on Friday, June 18th. Barclays upped their price target on shares of Adobe from $605.00 to $660.00 and gave the company an “overweight” rating in a report on Friday, June 18th. Morgan Stanley upped 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, Evercore ISI upped their price target on shares of Adobe from $550.00 to $625.00 and gave the company an “outperform” rating in a report on Friday, June 18th. Five research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $622.54.

ADBE traded up $11.87 during midday trading on Wednesday, hitting $656.88. 29,094 shares of the company traded hands, compared to its average volume of 2,199,907. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $312.94 billion, a PE ratio of 55.89, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97. The company’s 50-day moving average is $633.81 and its 200 day moving average is $548.61. Adobe Inc. has a 52 week low of $420.78 and a 52 week high of $673.88.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, June 16th. The software company reported $3.03 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.22. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter last year, the business earned $2.45 EPS. The firm’s revenue was up 22.7% compared to the same quarter last year. On average, sell-side analysts predict that Adobe Inc. will post 10.28 earnings per share for the current fiscal year.

Adobe 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 Story: Debt-To-Equity Ratio

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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