Northstar Asset Management Inc. Purchases 706 Shares of Adobe Inc. $ADBE

Key Points

• Northstar Asset Management Inc. has increased its stake in Adobe Inc. by 5.2%, now owning 14,263 shares valued at approximately $5.47 million, making it the firm's 28th largest investment position.
• Multiple institutional investors, including GAMMA Investing LLC and Goldman Sachs, have significantly boosted their holdings in Adobe, reflecting a growing institutional interest in the company.
• Adobe recently reported a quarterly EPS of $5.06, exceeding analyst expectations, and achieved a year-over-year revenue growth of 10.6%, highlighting its strong financial performance.

Northstar Asset Management Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,263 shares of the software company's stock after acquiring an additional 706 shares during the period. Adobe makes up approximately 1.6% of Northstar Asset Management Inc.'s portfolio, making the stock its 28th biggest position. Northstar Asset Management Inc.'s holdings in Adobe were worth $5,470,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Bowie Capital Management LLC increased its position in Adobe by 4.9% in the 1st quarter. Bowie Capital Management LLC now owns 191,466 shares of the software company's stock valued at $73,433,000 after buying an additional 8,958 shares in the last quarter. Raymond James Financial Inc. increased its position in Adobe by 3.2% in the 1st quarter. Raymond James Financial Inc. now owns 565,986 shares of the software company's stock valued at $217,073,000 after buying an additional 17,666 shares in the last quarter. Forvis Mazars Wealth Advisors LLC increased its position in Adobe by 4.8% in the 1st quarter. Forvis Mazars Wealth Advisors LLC now owns 8,435 shares of the software company's stock valued at $3,235,000 after buying an additional 385 shares in the last quarter. Tocqueville Asset Management L.P. increased its position in Adobe by 2.0% in the 1st quarter. Tocqueville Asset Management L.P. now owns 125,692 shares of the software company's stock valued at $48,207,000 after buying an additional 2,503 shares in the last quarter. Finally, Wealthedge Investment Advisors LLC bought a new stake in Adobe in the 1st quarter valued at about $1,094,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Stifel Nicolaus decreased their target price on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Melius downgraded Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective on the stock. in a research note on Monday, August 11th. Evercore ISI reiterated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $467.58.

Adobe Price Performance

Shares of Adobe stock traded up $2.39 during trading on Monday, hitting $357.24. The stock had a trading volume of 2,920,441 shares, compared to its average volume of 3,647,353. The firm has a market cap of $151.54 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 1.68 and a beta of 1.51. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $587.75. The business's 50-day moving average is $370.66 and its 200 day moving average is $391.57. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

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 for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Profile

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.