KG&L Capital Management LLC Has $754,000 Position in Adobe Inc. (NASDAQ:ADBE)

KG&L Capital Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 35.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,456 shares of the software company’s stock after selling 795 shares during the period. KG&L Capital Management LLC’s holdings in Adobe were worth $754,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. International Assets Investment Management LLC increased its holdings in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the last quarter. Swedbank AB acquired a new position in Adobe in the first quarter worth approximately $621,179,000. Longview Partners Guernsey LTD acquired a new position in Adobe in the second quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its holdings in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after buying an additional 575,675 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 1.0 %

Shares of ADBE stock opened at $482.80 on Monday. The stock has a market cap of $212.53 billion, a P/E ratio of 40.78, a price-to-earnings-growth ratio of 2.46 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a fifty day moving average price of $522.17 and a 200 day moving average price of $516.20. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the business earned $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 14.82 earnings per share for the current 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.