Pin Oak Investment Advisors Inc. Purchases 57 Shares of Adobe Inc. (NASDAQ:ADBE)

Pin Oak Investment Advisors Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 21.7% during the third quarter, HoldingsChannel.com reports. The fund owned 320 shares of the software company’s stock after buying an additional 57 shares during the quarter. Pin Oak Investment Advisors Inc.’s holdings in Adobe were worth $165,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ADBE. GAMMA Investing LLC grew its stake in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the period. Hemenway Trust Co LLC grew its position in shares of Adobe by 53.1% during the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after buying an additional 3,539 shares during the period. Crestwood Advisors Group LLC increased its stake in shares of Adobe by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after acquiring an additional 1,464 shares in the last quarter. Anchor Investment Management LLC lifted its position in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares during the period. Finally, Fairscale Capital LLC bought a new position in Adobe during the second quarter worth $1,318,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE opened at $513.68 on Thursday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s fifty day moving average price is $503.39 and its two-hundred day moving average price is $519.76. The firm has a market cap of $226.12 billion, a PE ratio of 43.39, a PEG ratio of 2.67 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.26 EPS. On average, equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction 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 transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

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.