NorthRock Partners LLC Has $2.41 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

NorthRock Partners LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,651 shares of the software company’s stock after purchasing an additional 397 shares during the quarter. NorthRock Partners LLC’s holdings in Adobe were worth $2,408,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Crestwood Advisors Group LLC grew its holdings in shares of Adobe by 1.0% during the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after purchasing an additional 1,464 shares during the last quarter. Heritage Investors Management Corp grew its holdings in Adobe by 15.2% during the 3rd quarter. Heritage Investors Management Corp now owns 47,976 shares of the software company’s stock worth $24,841,000 after acquiring an additional 6,314 shares during the last quarter. Pittenger & Anderson Inc. increased its position in Adobe by 7.3% in the 3rd quarter. Pittenger & Anderson Inc. now owns 3,005 shares of the software company’s stock valued at $1,556,000 after acquiring an additional 205 shares during the period. Amalgamated Bank raised its stake in shares of Adobe by 0.8% during the third quarter. Amalgamated Bank now owns 97,041 shares of the software company’s stock valued at $50,246,000 after acquiring an additional 798 shares during the last quarter. Finally, James J. Burns & Company LLC lifted its holdings in shares of Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after purchasing an additional 22 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock traded up $2.16 during trading on Tuesday, hitting $483.51. The company’s stock had a trading volume of 95,994 shares, compared to its average volume of 3,156,161. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $212.84 billion, a PE ratio of 40.65, a P/E/G ratio of 2.49 and a beta of 1.30. The business has a fifty day moving average of $520.61 and a 200-day moving average of $516.26. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 EPS. As a group, research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.