WT Wealth Management Increases Stake in Adobe Inc. (NASDAQ:ADBE)

WT Wealth Management lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 6.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,955 shares of the software company’s stock after purchasing an additional 280 shares during the period. WT Wealth Management’s holdings in Adobe were worth $2,203,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Swedbank AB lifted its stake in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the period. Hunter Associates Investment Management LLC increased its holdings in Adobe by 28.9% in the 3rd quarter. Hunter Associates Investment Management LLC now owns 891 shares of the software company’s stock worth $463,000 after acquiring an additional 200 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Adobe in the 3rd quarter worth $435,000. Fortitude Family Office LLC grew its holdings in shares of Adobe by 31.1% during the third quarter. Fortitude Family Office LLC now owns 173 shares of the software company’s stock worth $90,000 after buying an additional 41 shares in the last quarter. Finally, Integrated Advisors Network LLC grew its holdings in shares of Adobe by 34.6% during the third quarter. Integrated Advisors Network LLC now owns 5,927 shares of the software company’s stock worth $3,069,000 after buying an additional 1,522 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. UBS Group cut their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Jefferies Financial Group lowered their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, DA Davidson cut their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $570.88.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.4 %

Shares of NASDAQ ADBE opened at $441.50 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $192.18 billion, a price-to-earnings ratio of 35.60, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The stock has a 50-day moving average price of $439.88 and a two-hundred day moving average price of $492.27.

Adobe (NASDAQ:ADBE) last announced its 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 return on equity of 45.87% and a net margin of 25.85%. 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 business posted $3.52 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.