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

Pittenger & Anderson Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,005 shares of the software company’s stock after buying an additional 205 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Adobe were worth $1,556,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after buying an additional 1,412 shares during the last quarter. Anchor Investment Management LLC raised its holdings in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares in the last quarter. Fairscale Capital LLC bought a new position in Adobe in the second quarter valued at approximately $1,318,000. Daymark Wealth Partners LLC raised its stake in shares of Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after buying an additional 15,685 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on ADBE shares. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Bank of America restated a “buy” rating and issued a $640.00 price target 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 assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 1.1 %

ADBE stock opened at $486.42 on Wednesday. The company has a market cap of $214.12 billion, a PE ratio of 41.08, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The business has a 50-day simple moving average of $518.98 and a 200 day simple moving average of $516.41.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

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.