Klingenstein Fields & Co. LP Acquires 859 Shares of Adobe Inc. (NASDAQ:ADBE)

Klingenstein Fields & Co. LP grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.4% in the first quarter, HoldingsChannel.com reports. The firm owned 26,260 shares of the software company’s stock after purchasing an additional 859 shares during the period. Klingenstein Fields & Co. LP’s holdings in Adobe were worth $10,071,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC raised its holdings in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after purchasing an additional 756 shares in the last quarter. GHE LLC increased its stake in Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company’s stock valued at $10,484,000 after buying an additional 670 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $58,000. Finally, Meridian Wealth Management LLC lifted its position in shares of Adobe by 43.2% during the 4th quarter. Meridian Wealth Management LLC now owns 6,513 shares of the software company’s stock worth $2,896,000 after buying an additional 1,966 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent analyst reports. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research note on Monday, June 16th. DA Davidson reaffirmed a “buy” rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Finally, Stifel Nicolaus decreased their price objective on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe Stock Up 1.3%

Adobe stock opened at $392.10 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market capitalization of $166.33 billion, a price-to-earnings ratio of 25.09, a P/E/G ratio of 1.83 and a beta of 1.51. The firm has a 50 day simple moving average of $394.95 and a 200 day simple moving average of $409.57.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $4.48 EPS. On average, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.