Pioneer Trust Bank N A OR Purchases 945 Shares of Adobe Inc. (NASDAQ:ADBE)

Pioneer Trust Bank N A OR raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 13.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,952 shares of the software company’s stock after acquiring an additional 945 shares during the quarter. Pioneer Trust Bank N A OR’s holdings in Adobe were worth $4,744,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Morgan Stanley increased its stake in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after buying an additional 277,484 shares in the last quarter. Northern Trust Corp raised its stake in shares of Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Jennison Associates LLC raised its stake in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Fisher Asset Management LLC raised its stake in Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after acquiring an additional 16,379 shares during the period. Finally, Invesco Ltd. increased its position in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 1.1 %

ADBE traded down $5.45 during midday trading on Thursday, reaching $482.65. The company’s stock had a trading volume of 2,293,578 shares, compared to its average volume of 3,404,876. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s 50-day moving average is $505.80 and its 200-day moving average is $561.00. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market capitalization of $216.23 billion, a price-to-earnings ratio of 46.26, a PEG ratio of 2.63 and a beta of 1.28.

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

Adobe announced that its board has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler restated an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Bank of America lowered their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Robert W. Baird decreased their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the company’s 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 transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

About Adobe

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.