WealthPlan Investment Management LLC Buys 1,414 Shares of Adobe Inc. (NASDAQ:ADBE)

WealthPlan Investment Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 34.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 5,528 shares of the software company’s stock after purchasing an additional 1,414 shares during the period. WealthPlan Investment Management LLC’s holdings in Adobe were worth $2,862,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at approximately $33,000. Lynx Investment Advisory bought a new stake in Adobe during the second quarter worth $39,000. Hobbs Group Advisors LLC bought a new position in Adobe in the 2nd quarter valued at $39,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE opened at $504.48 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $222.07 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 2.55 and a beta of 1.30. The company has a fifty day moving average of $513.50 and a 200 day moving average of $517.22. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.26 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several research reports. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.