Northcape Capital Pty Ltd Purchases 1,585 Shares of Adobe Inc. (NASDAQ:ADBE)

Northcape Capital Pty Ltd increased its position in Adobe Inc. (NASDAQ:ADBE) by 44.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,155 shares of the software company’s stock after purchasing an additional 1,585 shares during the quarter. Adobe makes up 0.4% of Northcape Capital Pty Ltd’s holdings, making the stock its 17th largest position. Northcape Capital Pty Ltd’s holdings in Adobe were worth $2,292,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADBE. Commonwealth Financial Services LLC lifted its position in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. Onyx Bridge Wealth Group LLC raised its stake in shares of Adobe by 4.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after purchasing an additional 20 shares during the last quarter. Connable Office Inc. lifted its holdings in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank grew its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. Finally, Sfmg LLC grew its position in Adobe by 3.1% in the 2nd quarter. Sfmg LLC now owns 708 shares of the software company’s stock valued at $393,000 after buying an additional 21 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ADBE shares. Barclays lowered their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Oppenheimer dropped their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Mizuho reduced their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, DA Davidson dropped their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $580.65.

Adobe Stock Down 2.0 %

Shares of ADBE stock opened at $422.63 on Wednesday. The stock has a market cap of $186.04 billion, a P/E ratio of 34.08, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a fifty day moving average price of $488.06 and a 200 day moving average price of $519.35. Adobe Inc. has a one year low of $420.51 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.52 earnings per share. Analysts predict that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock valued at $1,679,809 over the last ninety days. 0.15% of the stock is owned by insiders.

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.