Adobe Inc. (NASDAQ:ADBE) Position Reduced by Northstar Advisory Group LLC

Northstar Advisory Group LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 52.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 514 shares of the software company’s stock after selling 564 shares during the quarter. Northstar Advisory Group LLC’s holdings in Adobe were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank acquired a new position in Adobe in the 4th quarter worth approximately $1,757,029,000. Moneta Group Investment Advisors LLC boosted its holdings in shares of Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after purchasing an additional 3,245,427 shares during the period. Concentrum Wealth Management grew its position in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares in the last quarter. Morgan Stanley increased its stake in Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ADBE shares. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday. Robert W. Baird decreased their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Mizuho reissued a “buy” rating and issued a $680.00 price target on shares of Adobe in a report on Wednesday. Finally, Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

ADBE stock opened at $506.05 on Thursday. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a 50-day moving average of $573.39 and a 200 day moving average of $571.57. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. The company has a market cap of $229.01 billion, a P/E ratio of 48.22, a PEG ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted $2.97 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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.