Northstar Advisory Group LLC Has $307,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Northstar Advisory Group LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 52.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 514 shares of the software company’s stock after selling 564 shares during the quarter. Northstar Advisory Group LLC’s holdings in Adobe were worth $307,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Iron Horse Wealth Management LLC acquired a new stake in Adobe in the third quarter worth about $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe during the third quarter worth approximately $25,000. Global Wealth Strategies & Associates lifted its holdings in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. Halpern Financial Inc. grew its holdings in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares during the period. Finally, BluePath Capital Management LLC bought a new stake in shares of Adobe during the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. In the last three months, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

ADBE opened at $506.05 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. The business has a fifty day simple moving average of $573.39 and a 200 day simple moving average of $571.57. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a market capitalization of $229.01 billion, a PE ratio of 48.22, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $2.97 EPS. The business’s revenue was up 11.3% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.57 EPS for the current year.

Adobe announced that its board has authorized a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a report on Wednesday. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. KeyCorp started coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Finally, Mizuho reissued a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Company 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.