WealthBridge Investment Counsel Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

WealthBridge Investment Counsel Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 40.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,842 shares of the software company’s stock after acquiring an additional 1,400 shares during the quarter. WealthBridge Investment Counsel Inc.’s holdings in Adobe were worth $1,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH boosted its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $28,000. Copia Wealth Management bought a new stake in shares of Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Finally, Caitlin John LLC grew its position in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.4%

Adobe stock opened at $416.92 on Friday. The firm has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a PEG ratio of 2.15 and a beta of 1.55. The stock has a fifty day simple moving average of $381.41 and a two-hundred day simple moving average of $425.24. 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 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the company earned $4.48 EPS. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ADBE shares. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. BMO Capital Markets lowered their target price on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, Citigroup lowered 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. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe 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.