K.J. Harrison & Partners Inc Takes $2.08 Million Position in Adobe Inc. (NASDAQ:ADBE)

K.J. Harrison & Partners Inc purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,482 shares of the software company's stock, valued at approximately $2,077,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. HBC Financial Services PLLC bought a new stake in shares of Adobe in the 3rd quarter worth $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company's stock worth $27,000 after buying an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in Adobe during the 4th quarter valued at about $35,000. BluePath Capital Management LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at about $39,000. Finally, Hanseatic Management Services Inc. bought a new stake in shares of Adobe in the third quarter worth approximately $45,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE stock traded up $4.12 during trading hours on Friday, hitting $477.56. The stock had a trading volume of 2,460,117 shares, compared to its average volume of 3,498,041. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 2.58 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock's 50-day moving average price is $515.34 and its two-hundred day moving average price is $564.33.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts' expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.97 EPS. Equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has authorized a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Royal Bank of Canada restated an "outperform" rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reaffirmed an "outperform" rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reissued an "overweight" rating and issued a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. HSBC dropped their target price on Adobe from $557.00 to $511.00 and set a "hold" rating on the stock in a research report on Friday, March 15th. Finally, TheStreet cut shares of Adobe from a "b-" rating to a "c+" rating in a research note on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $620.72.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company's stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of the business's stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company's stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

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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