Klingenstein Fields & Co. LP Purchases 20,805 Shares of Adobe Inc. (NASDAQ:ADBE)

Klingenstein Fields & Co. LP increased its position in Adobe Inc. (NASDAQ:ADBE) by 3,550.3% in the 4th quarter, Holdings Channel reports. The firm owned 21,391 shares of the software company’s stock after buying an additional 20,805 shares during the quarter. Klingenstein Fields & Co. LP’s holdings in Adobe were worth $12,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new position in shares of Adobe during the third quarter valued at $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe during the third quarter valued at $25,000. Global Wealth Strategies & Associates lifted its holdings in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the period. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the fourth quarter valued at $35,000. Finally, BluePath Capital Management LLC bought a new position in shares of Adobe during the third quarter valued at $39,000. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock worth $1,848,418 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. KeyCorp started coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Down 1.7 %

Shares of NASDAQ:ADBE traded down $8.16 during trading on Friday, hitting $465.02. 3,282,142 shares of the company’s stock traded hands, compared to its average volume of 3,213,157. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $208.33 billion, a price-to-earnings ratio of 44.46, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. The company has a 50-day moving average price of $527.09 and a 200-day moving average price of $566.34.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business posted $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.