WealthBridge Investment Counsel Inc. Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

WealthBridge Investment Counsel Inc. lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 40.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,842 shares of the software company's stock after purchasing an additional 1,400 shares during the quarter. WealthBridge Investment Counsel Inc.'s holdings in Adobe were worth $1,857,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System boosted its stake in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after buying an additional 570 shares in the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe during the 4th quarter valued at $1,173,000. Silicon Valley Capital Partners grew its holdings in shares of Adobe by 4.1% during the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after purchasing an additional 236 shares during the last quarter. Horan Capital Advisors LLC. boosted its position in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after buying an additional 114 shares during the period. Finally, Proficio Capital Partners LLC boosted its position in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after buying an additional 1,083 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. Citigroup cut their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Bank of America dropped their target price on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. BMO Capital Markets dropped their price objective on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. DA Davidson dropped their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, UBS Group dropped their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Up 0.4%

Shares of ADBE traded up $1.72 on Friday, reaching $416.92. The stock had a trading volume of 2,143,071 shares, compared to its average volume of 3,409,490. The firm has a market capitalization of $177.69 billion, a price-to-earnings ratio of 33.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50-day simple moving average of $381.41 and a 200-day simple moving average of $424.72. 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 announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the firm posted $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current 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.