Adobe Inc. (NASDAQ:ADBE) Shares Bought by North Star Asset Management Inc.

North Star Asset Management Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 89,022 shares of the software company’s stock after acquiring an additional 154 shares during the quarter. Adobe comprises about 2.3% of North Star Asset Management Inc.’s investment portfolio, making the stock its 5th largest holding. North Star Asset Management Inc.’s holdings in Adobe were worth $49,455,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. International Assets Investment Management LLC acquired a new stake in Adobe in the fourth quarter worth about $1,468,000. Concentrum Wealth Management lifted its holdings in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares during the period. Aveo Capital Partners LLC lifted its holdings in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after purchasing an additional 52 shares during the period. Gryphon Financial Partners LLC lifted its holdings in Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the period. Finally, Heritage Investors Management Corp acquired a new stake in Adobe in the 4th quarter valued at about $208,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.8 %

Shares of Adobe stock opened at $563.41 on Friday. The stock has a market capitalization of $249.82 billion, a P/E ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $553.72 and a two-hundred day moving average price of $519.38. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.04 earnings per share. Equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Sanford C. Bernstein upped their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Mizuho reissued a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $605.52.

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.