Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Pittenger & Anderson Inc.

Pittenger & Anderson Inc. boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 41.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,018 shares of the software company’s stock after acquiring an additional 880 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Adobe were worth $1,801,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe during the third quarter valued at approximately $25,000. HBC Financial Services PLLC bought a new stake in Adobe in the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates grew its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the 4th quarter valued at approximately $35,000. Finally, BluePath Capital Management LLC bought a new stake in shares of Adobe during the third quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. DA Davidson reiterated a “buy” rating and issued a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Piper Sandler Companies reduced their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Barclays cut their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, Mizuho restated a “buy” rating and set a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.8 %

ADBE traded down $3.68 during trading on Thursday, reaching $473.44. The stock had a trading volume of 2,087,215 shares, compared to its average volume of 3,508,949. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a market capitalization of $212.10 billion, a price-to-earnings ratio of 44.62, a P/E/G ratio of 2.56 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $519.06 and its two-hundred day moving average is $565.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business earned $2.97 EPS. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.