Pinion Investment Advisors LLC Sells 26 Shares of Adobe Inc. (NASDAQ:ADBE)

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

Other institutional investors have also recently made changes to their positions in the company. Steph & Co. lifted its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares during the period. Choreo LLC lifted its holdings in shares of Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares in the last quarter. Eagle Asset Management Inc. boosted its position in shares of Adobe by 14.7% in the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after acquiring an additional 3,120 shares during the period. Finally, Quest Partners LLC grew its stake in Adobe by 23.3% during the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 8.5 %

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

Adobe (NASDAQ:ADBE) last posted 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.26 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on ADBE shares. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday. Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Friday. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a report on Monday, June 10th. Finally, Mizuho reissued a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $608.83.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 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 $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by 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.