Worth Asset Management LLC Purchases Shares of 3,374 Adobe Inc. (NASDAQ:ADBE)

Worth Asset Management LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 3,374 shares of the software company’s stock, valued at approximately $1,747,000. Adobe comprises 1.0% of Worth Asset Management LLC’s holdings, making the stock its 27th biggest holding.

Other large investors have also made changes to their positions in the company. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Adobe during the second quarter valued at about $33,000. Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Adobe during the second quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were 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 directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $17,642,653 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

Shares of ADBE stock opened at $503.57 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $221.67 billion, a PE ratio of 42.53, a PEG ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50 day moving average price is $537.90 and its two-hundred day moving average price is $515.83.

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

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.