Adobe Inc. (NASDAQ:ADBE) Shares Bought by New World Advisors LLC

New World Advisors LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 31.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,282 shares of the software company’s stock after buying an additional 309 shares during the period. Adobe comprises approximately 0.2% of New World Advisors LLC’s investment portfolio, making the stock its 20th biggest position. New World Advisors LLC’s holdings in Adobe were worth $664,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vicus Capital boosted its holdings in shares of Adobe by 69.8% in the first quarter. Vicus Capital now owns 1,241 shares of the software company’s stock worth $626,000 after buying an additional 510 shares during the period. Founders Financial Securities LLC grew its position in Adobe by 8.6% during the 1st quarter. Founders Financial Securities LLC now owns 2,017 shares of the software company’s stock worth $1,018,000 after purchasing an additional 159 shares in the last quarter. Cornerstone Wealth Group LLC raised its stake in Adobe by 83.4% during the 1st quarter. Cornerstone Wealth Group LLC now owns 1,106 shares of the software company’s stock valued at $558,000 after purchasing an additional 503 shares during the period. Trilogy Capital Inc. acquired a new position in Adobe during the first quarter valued at $550,000. Finally, Chapin Davis Inc. lifted its position in Adobe by 12.3% in the 1st quarter. Chapin Davis Inc. now owns 456 shares of the software company’s stock worth $230,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ADBE. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus increased their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,030 shares of company stock valued at $17,176,005 over the last quarter. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE stock traded up $0.85 during mid-day trading on Friday, reaching $483.72. The stock had a trading volume of 2,426,769 shares, compared to its average volume of 3,190,407. The firm has a market cap of $214.48 billion, a PE ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm’s 50 day simple moving average is $530.03 and its 200 day simple moving average is $515.76.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $3.26 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Adobe Company 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.