NorthCrest Asset Manangement LLC Buys 2,966 Shares of Adobe Inc. (NASDAQ:ADBE)

NorthCrest Asset Manangement LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.8% in the first quarter, Holdings Channel reports. The fund owned 30,402 shares of the software company’s stock after acquiring an additional 2,966 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Adobe were worth $11,660,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Adobe in the fourth quarter valued at about $76,712,000. Stonebridge Financial Group LLC bought a new position in shares of Adobe in the fourth quarter valued at about $73,000. Capital Advisors Inc. OK raised its holdings in shares of Adobe by 34.4% in the fourth quarter. Capital Advisors Inc. OK now owns 672 shares of the software company’s stock valued at $299,000 after buying an additional 172 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Adobe by 4.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 155,350 shares of the software company’s stock valued at $68,522,000 after buying an additional 6,841 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Adobe stock opened at $413.68 on Friday. The firm has a market capitalization of $176.31 billion, a P/E ratio of 33.36, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The business has a 50-day moving average of $385.73 and a 200-day moving average of $422.64. 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 (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the firm earned $4.48 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ADBE shares. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Bank of America lowered their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Robert W. Baird lowered their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $503.33.

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.