Northern Trust Corp Lowers Stock Holdings in Adobe Inc. $ADBE

Northern Trust Corp cut its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,222,219 shares of the software company’s stock after selling 91,996 shares during the period. Northern Trust Corp’s holdings in Adobe were worth $2,002,878,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Siemens Fonds Invest GmbH boosted its position in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe in the first quarter valued at about $26,000. SWAN Capital LLC bought a new position in Adobe in the fourth quarter worth about $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the fourth quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Adobe in the 1st quarter valued at about $30,000. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ADBE shares. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Robert W. Baird boosted their target price on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. Phillip Securities upgraded Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. Royal Bank Of Canada restated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $467.58.

Check Out Our Latest Report on Adobe

Adobe Stock Performance

ADBE opened at $354.85 on Monday. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. The firm has a market capitalization of $150.53 billion, a PE ratio of 22.70, a PEG ratio of 1.68 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm’s 50-day moving average price is $371.84 and its 200 day moving average price is $392.13.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company Profile

(Free Report)

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.

Further Reading

• Five stocks we like better than Adobe
• 3 Fintech Stocks With Good 2021 Prospects
• Silver Prices Up, But Endeavour’s Profit Still Elusive
• Why Special Dividends Can be a Delightful Surprise for Income Investors
• Cocoa Futures Send Hershey Stock Lower, Dip Opportunity?
• What Are the FAANG Stocks and Are They Good Investments?
• Smart Money Piles Into GRID ETF on Trillion-Dollar Power Upgrade

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).