Adobe Inc. (NASDAQ:ADBE) Holdings Lifted by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,210 shares of the software company’s stock after purchasing an additional 421 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Adobe were worth $2,761,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ADBE. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter valued at $26,000. Groupama Asset Managment grew its holdings in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the third quarter valued at $30,000. True Wealth Design LLC grew its stake in Adobe by 141.7% in the third 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 in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe in the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADBE. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research note on Wednesday, January 15th. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Up 0.2 %

Adobe stock opened at $460.16 on Friday. The business has a 50 day moving average price of $446.56 and a two-hundred day moving average price of $496.88. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $200.31 billion, a price-to-earnings ratio of 37.11, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $607.32.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.52 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.