NorthRock Partners LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

NorthRock Partners LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 47.6% in the 4th quarter, Holdings Channel reports. The firm owned 6,866 shares of the software company’s stock after purchasing an additional 2,215 shares during the period. NorthRock Partners LLC’s holdings in Adobe were worth $3,053,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after buying an additional 151,286 shares during the period. Norges Bank acquired a new position in Adobe in the 4th quarter valued at about $2,553,035,000. Northern Trust Corp increased its stake in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the period. Edgewood Management LLC lifted its position in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Adobe by 4.0% in the fourth quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company’s stock valued at $1,555,031,000 after purchasing an additional 133,556 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Citigroup dropped their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Evercore ISI reduced their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. Finally, DA Davidson cut their price target on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Up 0.4%

ADBE opened at $397.40 on Wednesday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $169.37 billion, a P/E ratio of 32.05, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business’s 50-day simple moving average is $377.62 and its 200-day simple moving average is $435.54.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the company posted $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.