Northern Financial Advisors Inc Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Northern Financial Advisors Inc cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 19.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 747 shares of the software company’s stock after selling 175 shares during the quarter. Northern Financial Advisors Inc’s holdings in Adobe were worth $332,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new position in Adobe during the third quarter worth $26,000. Groupama Asset Managment raised its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe in the 4th quarter worth about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Down 0.8 %

Adobe stock opened at $459.22 on Friday. The company has a market capitalization of $199.90 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $610.33. The firm has a 50 day moving average price of $449.99 and a 200 day moving average price of $497.68.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the firm posted $3.52 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group reduced their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.