Northwestern Mutual Wealth Management Co. Buys 18,742 Shares of Adobe Inc. (NASDAQ:ADBE)

Northwestern Mutual Wealth Management Co. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 14.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 145,790 shares of the software company’s stock after acquiring an additional 18,742 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Adobe were worth $80,987,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC increased its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new stake in Adobe during the second quarter valued at about $33,000. Steph & Co. lifted its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new position in shares of Adobe in the second quarter worth about $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research reports. Mizuho restated a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, BMO Capital Markets raised their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE opened at $515.48 on Friday. The business has a fifty day moving average of $545.13 and a 200 day moving average of $517.22. The stock has a market cap of $228.56 billion, a P/E ratio of 46.31, a PEG ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results 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 analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.79 EPS for the current year.

Adobe 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.