Kovitz Investment Group Partners LLC Purchases 2,254 Shares of Adobe Inc. (NASDAQ:ADBE)

Kovitz Investment Group Partners LLC grew its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,728 shares of the software company's stock after acquiring an additional 2,254 shares during the period. Kovitz Investment Group Partners LLC's holdings in Adobe were worth $45,236,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Decker Retirement Planning Inc. purchased a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Caitlin John LLC lifted its position in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares during the period. Mascoma Wealth Management LLC lifted its position in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares during the period. Finally, LFA Lugano Financial Advisors SA purchased a new stake in shares of Adobe in the 4th quarter worth approximately $38,000. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. UBS Group decreased their target price on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Mizuho decreased their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Finally, Wells Fargo & Company dropped their price objective on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Adobe Stock Performance

Shares of Adobe stock traded up $1.71 during trading hours on Tuesday, reaching $370.33. The company's stock had a trading volume of 897,389 shares, compared to its average volume of 3,427,256. The stock has a market cap of $157.83 billion, a P/E ratio of 29.90, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company's 50 day simple moving average is $391.12 and its 200 day simple moving average is $443.78. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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