WealthBridge Investment Counsel Inc. Boosts Position in Adobe Inc. (NASDAQ:ADBE)

WealthBridge Investment Counsel Inc. increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 40.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,842 shares of the software company’s stock after purchasing an additional 1,400 shares during the quarter. WealthBridge Investment Counsel Inc.’s holdings in Adobe were worth $1,857,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH lifted its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter worth approximately $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth approximately $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth approximately $31,000. Finally, Caitlin John LLC increased its position in Adobe by 171.4% during the fourth 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 period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.4%

Adobe stock opened at $416.92 on Friday. The firm has a 50-day moving average of $381.41 and a 200-day moving average of $425.24. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. 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 has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the business posted $4.48 earnings per share. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Bank of America reduced their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $480.00 target price on shares of Adobe in a research report on Thursday. Finally, Evercore ISI dropped their price target on Adobe from $650.00 to $550.00 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 given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.