WealthPlan Investment Management LLC Acquires 888 Shares of Adobe Inc. (NASDAQ:ADBE)

WealthPlan Investment Management LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,416 shares of the software company’s stock after purchasing an additional 888 shares during the quarter. WealthPlan Investment Management LLC’s holdings in Adobe were worth $2,853,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. PineStone Asset Management Inc. lifted its stake in shares of Adobe by 0.4% in the fourth quarter. PineStone Asset Management Inc. now owns 279,450 shares of the software company’s stock worth $124,266,000 after buying an additional 1,087 shares during the last quarter. Spinnaker Trust raised its holdings in Adobe by 2,416.1% in the 4th quarter. Spinnaker Trust now owns 10,467 shares of the software company’s stock worth $4,654,000 after acquiring an additional 10,051 shares during the period. WASHINGTON TRUST Co lifted its position in Adobe by 5.5% during the 4th quarter. WASHINGTON TRUST Co now owns 34,229 shares of the software company’s stock worth $15,221,000 after acquiring an additional 1,787 shares during the last quarter. Center for Financial Planning Inc. boosted its holdings in Adobe by 222.8% during the fourth quarter. Center for Financial Planning Inc. now owns 326 shares of the software company’s stock valued at $145,000 after acquiring an additional 225 shares during the period. Finally, PUREfi Wealth LLC acquired a new stake in shares of Adobe in the fourth quarter valued at about $624,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.2 %

Shares of NASDAQ:ADBE opened at $460.16 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $200.31 billion, a P/E ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $607.32. The company’s 50-day moving average price is $448.41 and its two-hundred day moving average price is $497.41.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the firm earned $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. UBS Group cut their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. Mizuho dropped their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Citigroup cut their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Finally, StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last 90 days. 0.15% of the stock is owned by company insiders.

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.