Northern Trust Corp Sells 91,996 Shares of Adobe Inc. $ADBE

Key Points

• Northern Trust Corp reduced its stake in Adobe Inc. by 1.7%, selling 91,996 shares in the first quarter, resulting in ownership of approximately 5.22 million shares worth around $2 billion.
• Adobe's stock is currently valued at $354.85 with a market capitalization of $150.53 billion and a reported EPS of $5.06 for the last quarter, exceeding analysts' estimates.
• Analysts have mixed ratings on Adobe stock, with a consensus rating of "Moderate Buy" and an average target price of $467.58, despite some downgrades from "hold" to "sell" recently.

Northern Trust Corp decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,222,219 shares of the software company's stock after selling 91,996 shares during the quarter. Northern Trust Corp owned about 1.23% of Adobe worth $2,002,878,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe in the 1st quarter valued at approximately $26,000. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter valued at $28,000. Copia Wealth Management bought a new position in shares of Adobe during the fourth quarter valued at $28,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Adobe during the first quarter valued at $30,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.8%

Shares of ADBE opened at $354.85 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $150.53 billion, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 1.68 and a beta of 1.51. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. The business's 50 day simple moving average is $371.84 and its 200-day simple moving average is $392.13.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Melius lowered Adobe from a "hold" rating to a "sell" rating and set a $310.00 target price for the company. in a research report on Monday, August 11th. Piper Sandler lowered their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. DA Davidson reaffirmed a "buy" rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Evercore ISI reissued an "outperform" rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, Citigroup dropped their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $467.58.

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.

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