Adobe Inc. (NASDAQ:ADBE) Stake Lessened by Pittenger & Anderson Inc.

Pittenger & Anderson Inc. decreased its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 61.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,871 shares of the software company’s stock after selling 13,974 shares during the period. Pittenger & Anderson Inc.’s holdings in Adobe were worth $3,247,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ADBE. Clearstead Advisors LLC lifted its stake in Adobe by 8.3% in the 4th quarter. Clearstead Advisors LLC now owns 4,257 shares of the software company’s stock worth $2,414,000 after acquiring an additional 326 shares in the last quarter. ETF Managers Group LLC lifted its position in Adobe by 4.8% in the 4th quarter. ETF Managers Group LLC now owns 1,433 shares of the software company’s stock worth $818,000 after buying an additional 66 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Adobe during the 4th quarter valued at $261,000. Unigestion Holding SA grew its holdings in shares of Adobe by 161.6% during the 4th quarter. Unigestion Holding SA now owns 24,089 shares of the software company’s stock valued at $13,659,000 after acquiring an additional 14,880 shares in the last quarter. Finally, IHT Wealth Management LLC increased its stake in shares of Adobe by 1.6% in the fourth quarter. IHT Wealth Management LLC now owns 2,153 shares of the software company’s stock worth $1,221,000 after acquiring an additional 34 shares during the last quarter. Institutional investors and hedge funds own 80.75% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on ADBE. Stifel Nicolaus dropped their target price on Adobe from $500.00 to $375.00 and set a “buy” rating on the stock in a research report on Friday, September 16th. Wells Fargo & Company lowered shares of Adobe from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $425.00 to $310.00 in a research report on Monday. Jefferies Financial Group dropped their price target on shares of Adobe from $550.00 to $500.00 in a research note on Friday, June 17th. Bank of America lowered shares of Adobe from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $450.00 to $350.00 in a research note on Friday, September 16th. Finally, Credit Suisse Group reduced their price target on Adobe from $425.00 to $350.00 and set a “neutral” rating for the company in a research report on Friday, September 16th. Sixteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Adobe has an average rating of “Hold” and a consensus price target of $427.11.

Adobe Stock Performance

NASDAQ ADBE opened at $287.06 on Friday. Adobe Inc. has a 1-year low of $280.06 and a 1-year high of $699.54. The company has a 50 day moving average of $389.95 and a 200-day moving average of $403.64. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $134.34 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 1.95 and a beta of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.07. Adobe had a return on equity of 36.49% and a net margin of 28.00%. The firm had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 11.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the sale, the executive vice president now directly owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the sale, the executive vice president now directly owns 26,089 shares in the company, valued at $10,268,108.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares in the company, valued at $1,010,033.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,769 shares of company stock worth $1,477,562. 0.23% of the stock is currently owned by corporate insiders.

Adobe Company Profile

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Adobe Inc 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

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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