First Commonwealth Financial Corp PA Reduces Position in Adobe Inc. (NASDAQ:ADBE)

First Commonwealth Financial Corp PA reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 75.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 700 shares of the software company’s stock after selling 2,172 shares during the period. First Commonwealth Financial Corp PA’s holdings in Adobe were worth $311,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new stake in Adobe during the fourth quarter worth $2,553,035,000. Proficio Capital Partners LLC increased its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after purchasing an additional 952,233 shares in the last quarter. FIL Ltd increased its holdings in Adobe by 130.9% during the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after purchasing an additional 730,520 shares during the period. Finally, Edgewood Management LLC increased its holdings in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.3 %

Shares of Adobe stock opened at $348.80 on Friday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a market capitalization of $148.66 billion, a P/E ratio of 28.13, a PEG ratio of 2.15 and a beta of 1.49. 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 50 day moving average price of $405.74 and a two-hundred day moving average price of $451.49.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the firm earned $4.48 EPS. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the firm’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 of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. Robert W. Baird cut their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. JPMorgan Chase & Co. reduced their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Finally, Stifel Nicolaus cut their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $513.27.

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.