Klingenstein Fields & Co. LP Has $10.07 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Klingenstein Fields & Co. LP increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,260 shares of the software company's stock after buying an additional 859 shares during the quarter. Klingenstein Fields & Co. LP's holdings in Adobe were worth $10,071,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Adobe in the fourth quarter valued at approximately $2,553,035,000. GAMMA Investing LLC grew its stake in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Two Sigma Advisers LP grew its stake in Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Adobe in the fourth quarter valued at approximately $365,750,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Bank of America raised their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Piper Sandler cut their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Price Performance

NASDAQ ADBE traded up $1.09 during midday trading on Thursday, hitting $379.56. The company had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. The company has a market capitalization of $161.01 billion, a PE ratio of 24.28, a P/E/G ratio of 1.79 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $395.85 and a 200-day moving average price of $408.79. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.48 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe 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.