WT Wealth Management Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

WT Wealth Management lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,955 shares of the software company’s stock after buying an additional 280 shares during the quarter. WT Wealth Management’s holdings in Adobe were worth $2,203,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the third quarter valued at $30,000. True Wealth Design LLC increased its position in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the third quarter valued at $36,000. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the fourth quarter valued at $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 0.4 %

ADBE opened at $441.50 on Thursday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week 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’s 50-day moving average is $439.88 and its 200 day moving average is $492.27. The firm has a market capitalization of $192.18 billion, a PE ratio of 35.60, a P/E/G ratio of 2.15 and a beta of 1.31.

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

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of analyst reports. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Piper Sandler cut 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. Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group dropped their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $590.00 price objective on shares of Adobe in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $570.88.

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.