KMG Fiduciary Partners LLC Takes $1.95 Million Position in Adobe Inc. (NASDAQ:ADBE)

KMG Fiduciary Partners LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 5,082 shares of the software company's stock, valued at approximately $1,949,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Siemens Fonds Invest GmbH boosted its holdings in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the period. SWAN Capital LLC bought a new stake in shares of Adobe during the 4th quarter worth about $28,000. Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter worth about $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the 4th quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe during the 4th quarter worth about $36,000. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

ADBE stock opened at $416.92 on Monday. The company has a 50 day simple moving average of $381.41 and a 200 day simple moving average of $424.16. The stock has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the prior year, the company posted $4.48 EPS. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ADBE shares. Stifel Nicolaus cut their price objective on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Piper Sandler cut their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. DA Davidson cut their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Bank of America cut their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Finally, Evercore ISI cut their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.16% of the company's stock.

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.

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