Adobe Inc. (NASDAQ:ADBE) Shares Sold by NORTHSTAR ASSET MANAGEMENT Co LLC

NORTHSTAR ASSET MANAGEMENT Co LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,500 shares of the software company’s stock after selling 325 shares during the period. Adobe makes up 1.1% of NORTHSTAR ASSET MANAGEMENT Co LLC’s holdings, making the stock its 20th largest position. NORTHSTAR ASSET MANAGEMENT Co LLC’s holdings in Adobe were worth $4,669,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of ADBE. Silicon Valley Capital Partners lifted its position in Adobe by 4.1% during the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after purchasing an additional 236 shares during the period. Wingate Wealth Advisors Inc. purchased a new position in shares of Adobe during the 4th quarter valued at about $113,000. Savant Capital LLC lifted its holdings in shares of Adobe by 91.2% in the 4th quarter. Savant Capital LLC now owns 15,294 shares of the software company’s stock valued at $6,801,000 after buying an additional 7,293 shares during the period. Harbour Trust & Investment Management Co boosted its stake in shares of Adobe by 4.7% in the fourth quarter. Harbour Trust & Investment Management Co now owns 20,952 shares of the software company’s stock worth $9,317,000 after buying an additional 939 shares during the last quarter. Finally, V2 Financial group LLC grew its holdings in Adobe by 9.1% during the fourth quarter. V2 Financial group LLC now owns 1,740 shares of the software company’s stock worth $774,000 after acquiring an additional 145 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $433.07 on Monday. The stock has a market cap of $188.52 billion, a price-to-earnings ratio of 34.93, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $453.92 and a 200-day simple moving average of $499.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $628.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the firm earned $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Stifel Nicolaus reduced their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.