NorthCrest Asset Manangement LLC Buys 855 Shares of Adobe Inc. (NASDAQ:ADBE)

NorthCrest Asset Manangement LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,436 shares of the software company's stock after purchasing an additional 855 shares during the period. NorthCrest Asset Manangement LLC's holdings in Adobe were worth $12,200,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Geode Capital Management LLC raised its position in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank bought a new position in shares of Adobe during the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after acquiring an additional 600,146 shares during the period. Northern Trust Corp boosted its holdings in Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC increased its position in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In other 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 bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.16% of the company's stock.

Adobe Stock Up 0.3%

ADBE stock traded up $1.40 during mid-day trading on Friday, reaching $414.76. 4,229,413 shares of the company traded hands, compared to its average volume of 3,422,194. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm's 50 day moving average price is $379.10 and its 200 day moving average price is $427.27. The stock has a market cap of $176.77 billion, a price-to-earnings ratio of 33.45, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the firm earned $4.48 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADBE. Royal Bank of Canada dropped their price target on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. Finally, Evercore ISI cut their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

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.