Burling Wealth Partners LLC Takes $1.17 Million Position in Adobe Inc. (NASDAQ:ADBE)

Burling Wealth Partners LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,638 shares of the software company’s stock, valued at approximately $1,173,000.

A number of other hedge funds also recently bought and sold shares of ADBE. J. Stern & Co. LLP increased its stake in shares of Adobe by 6.4% during the fourth quarter. J. Stern & Co. LLP now owns 87,106 shares of the software company’s stock valued at $38,734,000 after buying an additional 5,267 shares during the period. RiverPark Advisors LLC increased its position in shares of Adobe by 6.0% during the fourth quarter. RiverPark Advisors LLC now owns 3,157 shares of the software company’s stock valued at $1,404,000 after buying an additional 178 shares during the period. Kerrisdale Advisers LLC lifted its holdings in Adobe by 65.6% in the fourth quarter. Kerrisdale Advisers LLC now owns 2,535 shares of the software company’s stock worth $1,127,000 after buying an additional 1,004 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in Adobe by 8.0% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 496,578 shares of the software company’s stock valued at $220,818,000 after acquiring an additional 36,600 shares in the last quarter. Finally, Sirios Capital Management L P grew its holdings in shares of Adobe by 4.4% during the 4th quarter. Sirios Capital Management L P now owns 18,852 shares of the software company’s stock worth $8,383,000 after acquiring an additional 789 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last three months. 0.16% of the stock is owned by company insiders.

Adobe Trading Up 0.6 %

Shares of ADBE stock opened at $351.96 on Thursday. The company has a market cap of $150.01 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a fifty day moving average price of $396.80 and a 200-day moving average price of $447.18. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on ADBE. Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Evercore ISI lowered their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group cut their target price on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $502.88.

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.