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

Wealth Enhancement Advisory Services LLC boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 111,155 shares of the software company's stock after buying an additional 13,331 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Adobe were worth $49,429,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Sepio Capital LP increased its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the last quarter. Cadence Bank increased its position in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC increased its position in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC increased its position in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Foster Group Inc. increased its position in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after purchasing an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. UBS Group lowered their price target on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Wells Fargo & Company decreased their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, DA Davidson reduced their price target on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Stock Up 0.3%

ADBE traded up $1.40 during trading on Friday, hitting $414.76. 4,229,413 shares of the company's stock traded hands, compared to its average volume of 3,438,453. The stock has a market capitalization of $176.77 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 2.15 and a beta of 1.55. 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's 50 day simple moving average is $379.10 and its two-hundred day simple moving average is $428.70. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the business earned $4.48 earnings per share. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.