Klingenstein Fields & Co. LP Acquires 359 Shares of Adobe Inc. (NASDAQ:ADBE)

Klingenstein Fields & Co. LP lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 25,401 shares of the software company’s stock after purchasing an additional 359 shares during the period. Klingenstein Fields & Co. LP’s holdings in Adobe were worth $11,295,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the third quarter worth $26,000. Groupama Asset Managment lifted its stake in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the third quarter valued at $30,000. True Wealth Design LLC lifted its stake in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Adobe during the fourth quarter valued at $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.8 %

NASDAQ ADBE opened at $459.22 on Friday. The company has a market cap of $199.90 billion, a PE ratio of 37.03, a PEG ratio of 2.11 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $610.33. The stock has a 50 day moving average of $449.99 and a 200-day moving average of $497.68.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.52 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last quarter. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research reports. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Stifel Nicolaus cut their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Mizuho lowered their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Citigroup lowered their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

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.