WealthPlan Investment Management LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• WealthPlan Investment Management LLC increased its stake in Adobe Inc. by 47.7%, owning 9,476 shares worth approximately $3.63 million as of the end of the first quarter.
• Adobe reported $5.06 earnings per share for the latest quarter, exceeding analysts' expectations, with a revenue of $5.87 billion, marking a year-over-year increase of 10.6%.
• A majority of analysts have a Moderate Buy rating on Adobe stock, with an average price target of $473.88, following recent adjustments to their ratings and price objectives.

WealthPlan Investment Management LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 47.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 9,476 shares of the software company's stock after acquiring an additional 3,060 shares during the quarter. WealthPlan Investment Management LLC's holdings in Adobe were worth $3,634,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Siemens Fonds Invest GmbH boosted its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe in the 1st quarter valued at approximately $26,000. SWAN Capital LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $28,000. Copia Wealth Management bought a new stake in shares of Adobe during the fourth quarter worth $28,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Adobe during the first quarter worth $30,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.8%

Shares of Adobe stock traded up $2.78 during trading on Friday, reaching $341.05. 3,506,570 shares of the company traded hands, compared to its average volume of 3,402,612. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $144.67 billion, a PE ratio of 21.82, a P/E/G ratio of 1.60 and a beta of 1.51. The company has a 50 day moving average price of $378.55 and a 200-day moving average price of $396.05. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.48 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADBE shares. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Citigroup lowered their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Finally, Mizuho cut their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

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.