World Investment Advisors LLC Has $9.17 Million Position in Adobe Inc. (NASDAQ:ADBE)

World Investment Advisors LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 88.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 17,704 shares of the software company’s stock after acquiring an additional 8,323 shares during the quarter. World Investment Advisors LLC’s holdings in Adobe were worth $9,167,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Coronation Fund Managers Ltd. boosted its holdings in Adobe by 124.2% in the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after acquiring an additional 2,521 shares during the last quarter. Pure Financial Advisors LLC increased its position in shares of Adobe by 17.7% during the second quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock worth $596,000 after buying an additional 161 shares during the period. Rovin Capital UT ADV bought a new position in Adobe during the second quarter worth $404,000. Brookstone Capital Management lifted its holdings in Adobe by 8.1% in the second quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock valued at $4,507,000 after buying an additional 599 shares during the period. Finally, Foster Victor Wealth Advisors LLC grew its holdings in Adobe by 5.4% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock worth $23,185,000 after acquiring an additional 2,111 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

Adobe stock opened at $474.63 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s 50 day simple moving average is $505.99 and its 200 day simple moving average is $523.02. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a market cap of $208.93 billion, a price-to-earnings ratio of 38.28, a PEG ratio of 2.52 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the firm posted $3.52 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,793 shares of company stock valued at $18,069,669 over the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADBE. UBS Group dropped their price target on Adobe from $550.00 to $525.00 and set a “neutral” rating on the stock in a research note on Thursday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. BMO Capital Markets cut their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

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.