Pittenger & Anderson Inc. Sells 1,917 Shares of Adobe Inc. (NASDAQ:ADBE)

Pittenger & Anderson Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 86.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311 shares of the software company's stock after selling 1,917 shares during the period. Pittenger & Anderson Inc.'s holdings in Adobe were worth $119,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Siemens Fonds Invest GmbH boosted its stake in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe in the first quarter valued at approximately $26,000. SWAN Capital LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new stake in Adobe in the fourth quarter valued at approximately $28,000. Finally, Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $31,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on ADBE shares. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their target price for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Jefferies Financial Group lowered their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Bank of America raised their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Down 2.2%

Shares of NASDAQ ADBE opened at $363.35 on Monday. The company's 50-day simple moving average is $396.03 and its 200-day simple moving average is $405.23. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $154.13 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the business earned $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company 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.

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