Adobe Inc. (NASDAQ:ADBE) Shares Bought by North Point Portfolio Managers Corp OH

North Point Portfolio Managers Corp OH lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1,735.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,405 shares of the software company’s stock after purchasing an additional 13,620 shares during the quarter. North Point Portfolio Managers Corp OH’s holdings in Adobe were worth $6,406,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Mackenzie Financial Corp increased its holdings in shares of Adobe by 0.7% in the 2nd quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after acquiring an additional 451 shares during the period. Annandale Capital LLC increased its stake in shares of Adobe by 10.5% in the second quarter. Annandale Capital LLC now owns 5,276 shares of the software company’s stock valued at $2,931,000 after purchasing an additional 500 shares during the period. Aviso Wealth Management increased its stake in shares of Adobe by 6.8% in the second quarter. Aviso Wealth Management now owns 487 shares of the software company’s stock valued at $271,000 after purchasing an additional 31 shares during the period. Magnolia Capital Advisors LLC raised its holdings in shares of Adobe by 13.9% during the second quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock valued at $369,000 after buying an additional 81 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Adobe by 19.3% in the 2nd quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock worth $22,704,000 after buying an additional 6,622 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $435.38 on Monday. The stock’s fifty day simple moving average is $468.14 and its 200-day simple moving average is $507.26. The company has a market capitalization of $189.52 billion, a price-to-earnings ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.52 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. DA Davidson reduced their price objective 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. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BMO Capital Markets decreased their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Company 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.