Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Pittenger & Anderson Inc.

Pittenger & Anderson Inc. boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 41.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,018 shares of the software company’s stock after purchasing an additional 880 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Adobe were worth $1,801,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Rockland Trust Co. boosted its stake in Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the period. Federated Hermes Inc. grew its stake in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its position in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the period. Team Hewins LLC acquired a new position in shares of Adobe during the third quarter valued at $4,141,000. Finally, Guinness Asset Management LTD boosted its stake in Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADBE. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp assumed coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Oppenheimer reissued an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Robert W. Baird reduced their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, HSBC lowered their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Trading Down 0.8 %

Adobe stock traded down $3.68 during midday trading on Thursday, reaching $473.44. The stock had a trading volume of 2,087,215 shares, compared to its average volume of 3,508,949. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $212.10 billion, a price-to-earnings ratio of 44.62, a PEG ratio of 2.56 and a beta of 1.28. The firm’s fifty day simple moving average is $519.06 and its two-hundred day simple moving average is $565.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.97 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.