K.J. Harrison & Partners Inc Makes New $2.08 Million Investment in Adobe Inc. (NASDAQ:ADBE)

K.J. Harrison & Partners Inc acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, HoldingsChannel reports. The fund acquired 3,482 shares of the software company’s stock, valued at approximately $2,077,000.

A number of other institutional investors have also recently made changes to their positions in the business. Chapman Investment Management LLC boosted its position in Adobe by 0.5% in the 4th quarter. Chapman Investment Management LLC now owns 6,480 shares of the software company’s stock valued at $3,866,000 after buying an additional 35 shares during the period. Bryn Mawr Capital Management LLC boosted its holdings in Adobe by 83.9% in the fourth quarter. Bryn Mawr Capital Management LLC now owns 7,611 shares of the software company’s stock valued at $4,541,000 after purchasing an additional 3,472 shares during the period. Overbrook Management Corp boosted its holdings in Adobe by 50.0% in the fourth quarter. Overbrook Management Corp now owns 600 shares of the software company’s stock valued at $358,000 after purchasing an additional 200 shares during the period. Motley Fool Asset Management LLC grew its stake in Adobe by 4.2% during the 4th quarter. Motley Fool Asset Management LLC now owns 13,858 shares of the software company’s stock worth $8,268,000 after purchasing an additional 555 shares in the last quarter. Finally, Evolution Advisers Inc. increased its holdings in Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE traded up $4.12 during trading 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 firm has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a PEG ratio of 2.58 and a beta of 1.28. 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 Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company’s 50-day moving average price is $515.34 and its 200 day moving average price is $564.33.

Adobe (NASDAQ:ADBE) last issued its 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 for 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 business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.97 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ADBE shares. Robert W. Baird lowered their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Barclays lowered their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Insiders Place Their Bets

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293 shares of company stock worth $137,656. Company insiders own 0.15% of the company’s stock.

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.