World Investment Advisors decreased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,403 shares of the software company's stock after selling 3,002 shares during the quarter. World Investment Advisors' holdings in Adobe were worth $8,592,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of ADBE. Copia Wealth Management bought a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $28,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe during the 1st quarter worth approximately $26,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the fourth quarter worth $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe in the fourth quarter worth about $36,000. Institutional investors and hedge funds own 81.79% of the company's stock.
Adobe Stock Performance
Shares of ADBE opened at $379.56 on Friday. The firm's fifty day simple moving average is $396.09 and its two-hundred day simple moving average is $408.27. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $161.01 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the company posted $4.48 earnings per share. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current year.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on ADBE shares. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Finally, Mizuho cut their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $480.08.
Read Our Latest Stock Report on Adobe
Adobe Profile
(
Free Report)
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.
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