Worldquant Millennium Advisors LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Worldquant Millennium Advisors LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 103.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,273 shares of the software company's stock after purchasing an additional 50,472 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in Adobe were worth $44,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the period. Summit Securities Group LLC purchased a new stake in Adobe during the fourth quarter valued at approximately $31,000. Caitlin John LLC raised its position in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after purchasing an additional 48 shares during the period. Avion Wealth raised its position in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after purchasing an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC raised its holdings in shares of Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after buying an additional 50 shares during the period. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Royal Bank of Canada dropped their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Evercore ISI decreased their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Citigroup reduced their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research note on Monday, March 10th. Finally, Oppenheimer reduced their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Up 0.9%

ADBE stock opened at $420.68 on Tuesday. The firm has a market capitalization of $179.29 billion, a P/E ratio of 33.93, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company's 50 day simple moving average is $375.32 and its 200-day simple moving average is $433.19. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.16% of the stock is owned by insiders.

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.

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