Pinnacle Financial Partners Inc Sells 115 Shares of Adobe Inc. (NASDAQ:ADBE)

Pinnacle Financial Partners Inc lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 6.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,803 shares of the software company’s stock after selling 115 shares during the period. Pinnacle Financial Partners Inc’s holdings in Adobe were worth $849,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new position in Adobe during the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter valued at about $30,000. True Wealth Design LLC raised its position in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the third quarter worth $36,000. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe during the 4th quarter worth about $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.3 %

Shares of NASDAQ:ADBE opened at $444.32 on Monday. The firm has a market capitalization of $193.41 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm’s 50-day moving average is $440.46 and its two-hundred day moving average is $493.88.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the company earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last quarter. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. Barclays dropped their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. DA Davidson dropped their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 price target on shares of Adobe in a research report on Thursday, February 13th. Finally, Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $570.88.

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.