Northeast Investment Management Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Northeast Investment Management lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 84.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,705 shares of the software company’s stock after selling 19,753 shares during the quarter. Northeast Investment Management’s holdings in Adobe were worth $1,648,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. LVW Advisors LLC increased its holdings in shares of Adobe by 16.4% in the 3rd quarter. LVW Advisors LLC now owns 1,077 shares of the software company’s stock worth $558,000 after buying an additional 152 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in Adobe by 52.4% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 20,872 shares of the software company’s stock worth $10,806,000 after acquiring an additional 7,172 shares in the last quarter. Fiduciary Financial Group LLC bought a new stake in Adobe during the third quarter worth approximately $448,000. Valeo Financial Advisors LLC raised its position in Adobe by 21.4% during the third quarter. Valeo Financial Advisors LLC now owns 7,396 shares of the software company’s stock valued at $3,829,000 after purchasing an additional 1,302 shares during the period. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its stake in shares of Adobe by 0.8% in the 3rd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 11,842 shares of the software company’s stock valued at $6,132,000 after purchasing an additional 89 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock opened at $433.07 on Friday. The company has a market capitalization of $188.52 billion, a PE ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31. The company has a 50-day simple moving average of $453.92 and a two-hundred day simple moving average of $499.63. Adobe Inc. has a one year low of $403.75 and a one year high of $628.07. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.52 EPS. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group reduced their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Wells Fargo & Company dropped their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe Company 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.