Adobe Inc. (NASDAQ:ADBE) Stock Holdings Trimmed by North Star Asset Management Inc.

North Star Asset Management Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 90,046 shares of the software company’s stock after selling 3,489 shares during the period. Adobe comprises 2.7% of North Star Asset Management Inc.’s holdings, making the stock its 3rd largest holding. North Star Asset Management Inc.’s holdings in Adobe were worth $53,721,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC purchased a new position in Adobe during the 3rd quarter worth $25,000. HBC Financial Services PLLC purchased a new stake in Adobe during the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates grew its stake in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new stake in Adobe during the 4th quarter valued at about $29,000. Finally, Wetzel Investment Advisors Inc. purchased a new stake in Adobe during the 4th quarter valued at about $35,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on ADBE shares. UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Piper Sandler Companies lowered their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock valued at $1,848,418 over the last quarter. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of Adobe stock traded down $8.16 during mid-day trading on Friday, reaching $465.02. 3,282,142 shares of the stock traded hands, compared to its average volume of 3,213,157. The business has a 50-day moving average of $527.09 and a 200 day moving average of $566.68. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock has a market capitalization of $208.33 billion, a PE ratio of 44.46, a PEG ratio of 2.52 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm earned $2.97 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has approved a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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.