North Star Asset Management Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

North Star Asset Management Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,046 shares of the software company’s stock after purchasing an additional 2,170 shares during the quarter. Adobe makes up approximately 1.6% of North Star Asset Management Inc.’s holdings, making the stock its 15th largest holding. North Star Asset Management Inc.’s holdings in Adobe were worth $34,919,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter valued at about $28,000. SWAN Capital LLC purchased a new stake in Adobe in the fourth quarter worth about $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe in the first quarter worth about $26,000. Bernard Wealth Management Corp. bought a new stake in Adobe during the 4th quarter valued at approximately $36,000. Finally, Garde Capital Inc. purchased a new position in shares of Adobe during the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $370.70 on Wednesday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock has a 50-day moving average of $389.05 and a 200 day moving average of $400.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $157.25 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.75 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the firm posted $4.48 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Redburn Atlantic cut Adobe from a “hold” rating to a “strong sell” rating and lowered their target price for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Stifel Nicolaus reduced their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday, June 13th. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Saturday. Finally, UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $473.88.

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.