Northern Trust Corp Acquires 672,919 Shares of Adobe Inc. (NASDAQ:ADBE)

Northern Trust Corp boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,314,215 shares of the software company's stock after purchasing an additional 672,919 shares during the period. Northern Trust Corp owned about 1.22% of Adobe worth $2,363,125,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new stake in Adobe in the fourth quarter worth about $2,553,035,000. Edgewood Management LLC increased its holdings in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock valued at $1,249,066,000 after buying an additional 92,458 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after buying an additional 163,983 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

ADBE stock traded up $4.00 during trading hours on Wednesday, reaching $374.98. The stock had a trading volume of 3,297,049 shares, compared to its average volume of 3,434,441. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a 50-day simple moving average of $388.06 and a 200 day simple moving average of $442.81. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market capitalization of $159.82 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

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

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. BMO Capital Markets dropped their price objective on Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They set a "neutral" rating for the company. Finally, KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Insider Activity at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the firm'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 acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by insiders.

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.