North Star Asset Management Inc. Buys 2,170 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• North Star Asset Management Inc. increased its position in Adobe Inc. by 2.4% during the first quarter, holding 91,046 shares worth approximately $34.9 million.
• Adobe reported fiscal results showing a quarterly earnings per share (EPS) of $5.06, surpassing analysts' expectations of $4.97, along with a 10.6% revenue increase year-over-year.
• Research analysts have varied opinions on Adobe, with recent ratings including upgrades and downgrades, resulting in a current consensus rating of "Moderate Buy" and a target price of $473.88.

North Star Asset Management Inc. raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,046 shares of the software company's stock after acquiring an additional 2,170 shares during the period. Adobe comprises 1.6% of North Star Asset Management Inc.'s holdings, making the stock its 15th biggest holding. North Star Asset Management Inc.'s holdings in Adobe were worth $34,919,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Garde Capital Inc. acquired a new position in shares of Adobe in the first quarter worth approximately $34,000. PFG Advisors lifted its stake in shares of Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after acquiring an additional 855 shares during the period. Krane Funds Advisors LLC lifted its stake in shares of Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares during the period. Burling Wealth Partners LLC acquired a new position in shares of Adobe in the fourth quarter worth approximately $1,173,000. Finally, Financial Counselors Inc. lifted its stake in shares of Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after acquiring an additional 5,298 shares during the period. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded down $9.89 during trading on Friday, hitting $347.80. 4,305,938 shares of the stock traded hands, compared to its average volume of 3,775,404. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market cap of $147.54 billion, a price-to-earnings ratio of 22.25, a PEG ratio of 1.73 and a beta of 1.51. The firm's fifty day moving average is $386.92 and its 200-day moving average is $399.51. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on ADBE. Citigroup cut their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Oppenheimer lowered their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Finally, JMP Securities reiterated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

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.