Pinnacle Wealth Management Advisory Group LLC Has $3.63 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Pinnacle Wealth Management Advisory Group LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,090 shares of the software company’s stock after buying an additional 51 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Adobe were worth $3,633,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. HBC Financial Services PLLC bought a new position in Adobe in the 3rd quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at $35,000. BluePath Capital Management LLC bought a new stake in Adobe during the 3rd quarter worth $39,000. Hanseatic Management Services Inc. acquired a new position in Adobe in the 3rd quarter worth about $45,000. Finally, First Command Advisory Services Inc. bought a new position in Adobe in the third quarter valued at about $52,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ADBE. Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Stifel Nicolaus cut their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. decreased their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Adobe stock traded down $4.81 during mid-day trading on Thursday, reaching $483.29. 1,094,577 shares of the company’s stock were exchanged, compared to its average volume of 3,390,746. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The firm has a market capitalization of $216.51 billion, a PE ratio of 46.26, a P/E/G ratio of 2.63 and a beta of 1.28. The business’s fifty day simple moving average is $505.80 and its 200 day simple moving average is $561.00. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe 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 value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by company insiders.

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.