Pinnacle Wealth Planning Services Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 23.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,347 shares of the software company's stock after selling 733 shares during the period. Pinnacle Wealth Planning Services Inc.'s holdings in Adobe were worth $1,043,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Siemens Fonds Invest GmbH boosted its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter valued at approximately $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter valued at approximately $31,000. Caitlin John LLC boosted its position in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after purchasing an additional 48 shares during the last quarter. Finally, Avion Wealth boosted its position in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after purchasing an additional 46 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Price Performance
NASDAQ:ADBE traded up $1.40 during trading hours on Friday, reaching $414.76. 4,229,413 shares of the company were exchanged, compared to its average volume of 3,438,456. The company has a market capitalization of $176.77 billion, a P/E ratio of 33.45, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 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 business has a 50 day moving average of $379.10 and a 200 day moving average of $428.70.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the business posted $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.
Insider Buying and Selling at Adobe
In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.16% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. Oppenheimer reduced their price target on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company dropped their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.
View Our Latest Analysis on Adobe
Adobe Company Profile
(
Free Report)
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.
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