Adobe Inc. (NASDAQ:ADBE) Shares Acquired by NorthRock Partners LLC

NorthRock Partners LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 47.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,866 shares of the software company’s stock after buying an additional 2,215 shares during the period. NorthRock Partners LLC’s holdings in Adobe were worth $3,053,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ADBE. Decker Retirement Planning Inc. purchased a new stake in Adobe during the 4th quarter valued at about $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the fourth quarter worth about $31,000. Caitlin John LLC boosted its position in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares during the last quarter. Avion Wealth increased its holdings in Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after buying an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC raised its position in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.16% of the stock is owned by company insiders.

Adobe Stock Up 0.4%

ADBE stock opened at $397.40 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average of $377.62 and a two-hundred day moving average of $435.54. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market cap of $169.37 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the firm earned $4.48 earnings per share. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Mizuho lowered their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Robert W. Baird reduced their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, BMO Capital Markets decreased their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

About Adobe

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.