Cornell Pochily Investment Advisors Inc. Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Cornell Pochily Investment Advisors Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 14.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,130 shares of the software company’s stock after purchasing an additional 145 shares during the period. Cornell Pochily Investment Advisors Inc.’s holdings in Adobe were worth $502,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its stake in shares of Adobe by 122.4% during the fourth quarter. Piscataqua Savings Bank now owns 109 shares of the software company’s stock valued at $48,000 after buying an additional 60 shares during the last quarter. Parkside Investments LLC boosted its holdings in Adobe by 53.8% during the 4th quarter. Parkside Investments LLC now owns 2,000 shares of the software company’s stock valued at $889,000 after acquiring an additional 700 shares during the period. North Point Portfolio Managers Corp OH boosted its holdings in Adobe by 1,735.0% during the 4th quarter. North Point Portfolio Managers Corp OH now owns 14,405 shares of the software company’s stock valued at $6,406,000 after acquiring an additional 13,620 shares during the period. Kavar Capital Partners Group LLC purchased a new stake in Adobe in the fourth quarter worth $2,797,000. Finally, United Asset Strategies Inc. increased its stake in Adobe by 3.2% in the fourth quarter. United Asset Strategies Inc. now owns 33,188 shares of the software company’s stock worth $14,758,000 after purchasing an additional 1,030 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ADBE shares. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Citigroup decreased their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. UBS Group dropped their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Finally, Bank of America decreased their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $435.38 on Monday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a market cap of $189.52 billion, a PE ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business has a 50-day simple moving average of $468.14 and a two-hundred day simple moving average of $507.26.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

About Adobe

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.