Wealth Enhancement Advisory Services LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Wealth Enhancement Advisory Services LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 99,150 shares of the software company’s stock after buying an additional 1,326 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Adobe were worth $44,090,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. ORG Partners LLC raised its holdings in shares of Adobe by 64.4% in the fourth quarter. ORG Partners LLC now owns 513 shares of the software company’s stock worth $228,000 after buying an additional 201 shares during the period. Fortitude Family Office LLC raised its holdings in shares of Adobe by 15.6% in the fourth quarter. Fortitude Family Office LLC now owns 200 shares of the software company’s stock worth $89,000 after buying an additional 27 shares during the period. Fulton Bank N.A. raised its holdings in shares of Adobe by 3.2% in the fourth quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock worth $7,195,000 after buying an additional 499 shares during the period. Northcape Capital Pty Ltd raised its holdings in shares of Adobe by 44.4% in the fourth quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after buying an additional 1,585 shares during the period. Finally, One Wealth Capital Management LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $1,057,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ADBE. UBS Group reduced their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $575.85.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated 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 owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE opened at $405.92 on Friday. The stock has a 50-day moving average of $484.01 and a two-hundred day moving average of $517.15. Adobe Inc. has a one year low of $405.32 and a one year high of $638.25. 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 stock has a market cap of $178.69 billion, a P/E ratio of 32.74, a P/E/G ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 16.73 EPS for the current year.

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.