KG&L Capital Management LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

KG&L Capital Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 79.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,616 shares of the software company’s stock after buying an additional 1,160 shares during the period. KG&L Capital Management LLC’s holdings in Adobe were worth $1,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC grew its stake in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. FMR LLC lifted its holdings in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after buying an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd purchased a new position in shares of Adobe during the fourth quarter valued at $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Adobe in the third quarter valued at about $126,703,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Sanford C. Bernstein dropped their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada cut their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler decreased their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were 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 of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 1.9 %

ADBE stock opened at $437.45 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm’s fifty day simple moving average is $461.97 and its 200-day simple moving average is $503.85. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company has a market capitalization of $190.42 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $3.52 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.