1,805 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by KLCM Advisors Inc.

KLCM Advisors Inc. acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,805 shares of the software company’s stock, valued at approximately $1,077,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. One Charles Private Wealth Services LLC raised its stake in shares of Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC raised its stake in shares of Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares during the last quarter. Raleigh Capital Management Inc. raised its stake in shares of Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC raised its stake in shares of Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after buying an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management raised its stake in shares of Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after buying an additional 17 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.2 %

Adobe stock traded down $0.84 during mid-day trading on Wednesday, reaching $475.38. The company’s stock had a trading volume of 1,045,003 shares, compared to its average volume of 3,577,972. The company has a market capitalization of $212.97 billion, a price-to-earnings ratio of 45.35, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The business’s 50 day simple moving average is $536.02 and its 200 day simple moving average is $567.62. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. 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 firm earned $2.97 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Mizuho reissued a “buy” rating and set a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. UBS Group dropped their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.

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.