Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Pioneer Trust Bank N A OR

Pioneer Trust Bank N A OR boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 13.5% during the 4th quarter, HoldingsChannel reports. The firm owned 7,952 shares of the software company’s stock after purchasing an additional 945 shares during the period. Pioneer Trust Bank N A OR’s holdings in Adobe were worth $4,744,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Morgan Stanley boosted its holdings in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Adobe by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after acquiring an additional 16,379 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last ninety days. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Mizuho reissued a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reissued an “overweight” rating and set a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Robert W. Baird decreased their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, Wells Fargo & Company cut their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Down 1.1 %

ADBE stock traded down $5.45 on Thursday, hitting $482.65. 2,293,578 shares of the company were exchanged, compared to its average volume of 3,404,876. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business’s fifty day moving average is $505.80 and its two-hundred day moving average is $561.00. The stock has a market capitalization of $216.23 billion, a price-to-earnings ratio of 46.26, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28.

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

Adobe announced that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management 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.