World Equity Group Inc. Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

World Equity Group Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE) by 4.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 695 shares of the software company’s stock after selling 31 shares during the period. World Equity Group Inc.’s holdings in Adobe were worth $309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. MONECO Advisors LLC lifted its position in Adobe by 14.0% during the fourth quarter. MONECO Advisors LLC now owns 832 shares of the software company’s stock valued at $370,000 after purchasing an additional 102 shares in the last quarter. Forvis Mazars Wealth Advisors LLC lifted its position in Adobe by 1.2% during the fourth quarter. Forvis Mazars Wealth Advisors LLC now owns 8,050 shares of the software company’s stock valued at $3,580,000 after purchasing an additional 95 shares in the last quarter. Howard Capital Management Inc. lifted its position in Adobe by 3.0% during the fourth quarter. Howard Capital Management Inc. now owns 14,126 shares of the software company’s stock valued at $6,282,000 after purchasing an additional 417 shares in the last quarter. Integral Investment Advisors Inc. lifted its position in Adobe by 6.1% during the fourth quarter. Integral Investment Advisors Inc. now owns 2,782 shares of the software company’s stock valued at $1,237,000 after purchasing an additional 159 shares in the last quarter. Finally, Cohen Capital Management Inc. lifted its position in Adobe by 24.6% during the fourth quarter. Cohen Capital Management Inc. now owns 3,037 shares of the software company’s stock valued at $1,350,000 after purchasing an additional 600 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last ninety days. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ADBE. Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company lowered their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and set a $590.00 price target on shares of Adobe in a report on Thursday, February 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Trading Up 0.0 %

Shares of NASDAQ ADBE opened at $444.42 on Tuesday. The business’s 50 day moving average is $440.12 and its two-hundred day moving average is $493.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The stock has a market capitalization of $193.46 billion, a P/E ratio of 35.84, a PEG ratio of 2.20 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued 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 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the firm posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.