Northstar Asset Management Inc. Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Northstar Asset Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,025 shares of the software company’s stock after selling 228 shares during the quarter. Adobe comprises about 2.9% of Northstar Asset Management Inc.’s portfolio, making the stock its 16th largest holding. Northstar Asset Management Inc.’s holdings in Adobe were worth $10,157,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ADBE. Barlow Wealth Partners Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $16,700,000. Federated Hermes Inc. boosted its holdings in shares of Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its holdings in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC purchased a new position in Adobe during the third quarter worth approximately $4,141,000. Finally, Vise Technologies Inc. grew its holdings in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of Adobe stock traded down $0.62 during trading hours on Thursday, hitting $483.31. 2,217,534 shares of the company were exchanged, compared to its average volume of 3,321,392. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $488.89 and a 200-day moving average of $556.83. Adobe Inc. has a 1 year low of $361.72 and a 1 year high of $638.25. The stock has a market capitalization of $216.52 billion, a price-to-earnings ratio of 46.26, a P/E/G ratio of 2.61 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS 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 company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm earned $2.97 EPS. As a group, analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,006 shares of company stock valued at $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ADBE shares. Piper Sandler Companies decreased their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Robert W. Baird cut 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. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. 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 report on Friday, March 15th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.