Adobe Inc. (NASDAQ:ADBE) Stake Boosted by WealthBridge Investment Counsel Inc.

WealthBridge Investment Counsel Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 194.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 3,192 shares of the software company’s stock after buying an additional 2,107 shares during the quarter. WealthBridge Investment Counsel Inc.’s holdings in Adobe were worth $1,653,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Onyx Bridge Wealth Group LLC boosted its stake in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares during the last quarter. HTLF Bank grew its position in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the period. Commonwealth Financial Services LLC raised its position in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the period. Orrstown Financial Services Inc. lifted its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after purchasing an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC increased its position in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred 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 completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated 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 owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last three months. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $503.57 on Friday. The firm has a market capitalization of $223.28 billion, a PE ratio of 45.24, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm’s 50 day simple moving average is $538.76 and its 200 day simple moving average is $515.91. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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 return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $3.26 earnings per share. As a group, analysts expect that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. BMO Capital Markets raised their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.