Northstar Financial Companies Inc. Takes Position in Adobe Inc. (NASDAQ:ADBE)

Northstar Financial Companies Inc. purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 541 shares of the software company’s stock, valued at approximately $241,000.

A number of other hedge funds also recently modified their holdings of the stock. Arizona State Retirement System raised its stake in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after buying an additional 570 shares during the period. Burling Wealth Partners LLC bought a new stake in Adobe in the 4th quarter valued at about $1,173,000. Silicon Valley Capital Partners raised its stake in Adobe by 4.1% in the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after acquiring an additional 236 shares during the period. Horan Capital Advisors LLC. lifted its holdings in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after purchasing an additional 114 shares during the last quarter. Finally, Stonegate Investment Group LLC boosted its position in Adobe by 9.1% during the fourth quarter. Stonegate Investment Group LLC now owns 10,629 shares of the software company’s stock worth $4,727,000 after purchasing an additional 888 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.3%

NASDAQ ADBE opened at $413.10 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock’s 50-day simple moving average is $378.00 and its two-hundred day simple moving average is $430.23. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market capitalization of $176.06 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for 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 period last year, the firm posted $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ADBE. Stifel Nicolaus lowered their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Royal Bank of Canada dropped their target price on Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. Jefferies Financial Group reduced their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, Oppenheimer decreased their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Eleven equities research 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $502.88.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.16% of the company’s stock.

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.