NorthCoast Asset Management LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

NorthCoast Asset Management LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,920 shares of the software company’s stock after buying an additional 1,435 shares during the period. Adobe accounts for approximately 1.1% of NorthCoast Asset Management LLC’s portfolio, making the stock its 21st largest holding. NorthCoast Asset Management LLC’s holdings in Adobe were worth $26,108,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Harbour Investments Inc. purchased a new stake in Adobe in the first quarter worth approximately $27,000. Concord Wealth Partners purchased a new stake in shares of Adobe in the 4th quarter valued at $32,000. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Adobe in the 1st quarter valued at $33,000. Carmichael Hill & Associates Inc. boosted its stake in shares of Adobe by 50.0% in the 1st quarter. Carmichael Hill & Associates Inc. now owns 75 shares of the software company’s stock valued at $36,000 after purchasing an additional 25 shares in the last quarter. Finally, Better Money Decisions LLC purchased a new position in Adobe in the 1st quarter worth $39,000. Hedge funds and other institutional investors own 81.33% of the company’s stock.

In other news, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction dated Monday, June 28th. The stock was sold at an average price of $582.71, for a total value of $1,602,452.50. Following the completion of the transaction, the executive vice president now owns 25,665 shares of the company’s stock, valued at approximately $14,955,252.15. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Abhay Parasnis sold 4,000 shares of the stock in a transaction dated Monday, June 14th. The shares were sold at an average price of $549.00, for a total transaction of $2,196,000.00. Following the sale, the executive vice president now directly owns 36,455 shares in the company, valued at $20,013,795. The disclosure for this sale can be found here. Insiders have sold 23,654 shares of company stock valued at $12,863,265 over the last quarter. Company insiders own 0.23% of the company’s stock.

Adobe stock traded up $9.73 on Thursday, hitting $621.99. 22,376 shares of the stock traded hands, compared to its average volume of 1,618,550. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a market capitalization of $296.32 billion, a price-to-earnings ratio of 53.71, a P/E/G ratio of 3.16 and a beta of 0.95. The firm has a fifty day moving average of $548.81. Adobe Inc. has a 1 year low of $420.78 and a 1 year high of $612.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.81 by $0.22. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same period last year, the company posted $2.45 EPS. Adobe’s revenue was up 22.7% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 10.27 EPS for the current year.

Several analysts have issued reports on the stock. The Goldman Sachs Group upped their price target on shares of Adobe from $580.00 to $665.00 and gave the company a “buy” rating in a research report on Friday, June 18th. Wolfe Research assumed coverage on Adobe in a research note on Wednesday, April 28th. They issued an “outperform” rating and a $650.00 price target on the stock. Morgan Stanley lifted their price target on Adobe from $575.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, June 18th. Guggenheim reissued a “hold” rating on shares of Adobe in a research note on Sunday, June 20th. Finally, Piper Sandler lifted their target price on shares of Adobe from $570.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, June 18th. Five investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Adobe has an average rating of “Buy” and an average price target of $604.84.

Adobe Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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