Pinion Investment Advisors LLC Has $786,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Pinion Investment Advisors LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,414 shares of the software company’s stock after selling 26 shares during the period. Pinion Investment Advisors LLC’s holdings in Adobe were worth $786,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Norges Bank acquired a new stake in shares of Adobe during the fourth quarter worth $3,277,785,000. Concentrum Wealth Management lifted its holdings in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the period. Finally, Wellington Management Group LLP boosted its position in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 8.5 %

Shares of ADBE stock opened at $536.87 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a 50-day simple moving average of $553.76 and a two-hundred day simple moving average of $519.96.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.26 EPS. Research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADBE. BMO Capital Markets lifted their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday. KeyCorp raised their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday. Finally, Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $608.83.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 in the last quarter. 0.15% of the stock is currently owned by company insiders.

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.