Pittenger & Anderson Inc. Purchases 205 Shares of Adobe Inc. (NASDAQ:ADBE)

Pittenger & Anderson Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,005 shares of the software company’s stock after purchasing an additional 205 shares during the period. Pittenger & Anderson Inc.’s holdings in Adobe were worth $1,556,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Csenge Advisory Group lifted its stake in shares of Adobe by 4.2% in the first quarter. Csenge Advisory Group now owns 3,395 shares of the software company’s stock valued at $1,713,000 after buying an additional 136 shares during the period. Valley Wealth Managers Inc. grew its holdings in shares of Adobe by 41.1% during the 1st quarter. Valley Wealth Managers Inc. now owns 988 shares of the software company’s stock worth $499,000 after purchasing an additional 288 shares in the last quarter. Howland Capital Management LLC increased its position in shares of Adobe by 2.7% during the first quarter. Howland Capital Management LLC now owns 3,922 shares of the software company’s stock valued at $1,979,000 after purchasing an additional 103 shares during the period. Hemenway Trust Co LLC increased its position in shares of Adobe by 26.8% during the first quarter. Hemenway Trust Co LLC now owns 6,031 shares of the software company’s stock valued at $3,043,000 after purchasing an additional 1,273 shares during the period. Finally, Broderick Brian C raised its stake in shares of Adobe by 103.9% in the first quarter. Broderick Brian C now owns 4,103 shares of the software company’s stock valued at $2,070,000 after purchasing an additional 2,091 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 1.1 %

ADBE opened at $486.42 on Wednesday. The firm has a 50 day simple moving average of $518.98 and a 200 day simple moving average of $516.41. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market cap of $214.12 billion, a price-to-earnings ratio of 41.08, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

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

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADBE. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe 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.