NORTHSTAR ASSET MANAGEMENT Co LLC Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

NORTHSTAR ASSET MANAGEMENT Co LLC decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,765 shares of the software company's stock after selling 735 shares during the quarter. Adobe makes up 0.9% of NORTHSTAR ASSET MANAGEMENT Co LLC's investment portfolio, making the stock its 28th largest position. NORTHSTAR ASSET MANAGEMENT Co LLC's holdings in Adobe were worth $3,745,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Copia Wealth Management purchased a new stake in Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC bought a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the 1st quarter valued at approximately $26,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the fourth quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new stake in Adobe in the fourth quarter worth $36,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Mizuho decreased their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $480.08.

Adobe Stock Performance

Adobe stock traded down $0.99 during mid-day trading on Monday, reaching $378.32. 1,464,009 shares of the stock traded hands, compared to its average volume of 3,425,365. The stock has a market capitalization of $160.48 billion, a PE ratio of 24.20, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. 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 business's 50-day moving average is $396.09 and its 200-day moving average is $407.83. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.48 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.