Pittenger & Anderson Inc. Acquires 1,824 Shares of Adobe Inc. (NASDAQ:ADBE)

Pittenger & Anderson Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 29.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,076 shares of the software company’s stock after acquiring an additional 1,824 shares during the period. Pittenger & Anderson Inc.’s holdings in Adobe were worth $4,580,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in Adobe by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,386,354 shares of the software company’s stock worth $4,815,951,000 after acquiring an additional 132,670 shares during the period. Morgan Stanley increased its holdings in Adobe by 4.0% during the 2nd quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock worth $4,115,275,000 after acquiring an additional 267,038 shares during the period. Fisher Asset Management LLC increased its holdings in Adobe by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 6,739,460 shares of the software company’s stock worth $3,821,679,000 after acquiring an additional 304,991 shares during the period. Alliancebernstein L.P. increased its holdings in Adobe by 5.0% during the 3rd quarter. Alliancebernstein L.P. now owns 4,841,552 shares of the software company’s stock worth $2,787,378,000 after acquiring an additional 232,473 shares during the period. Finally, UBS Asset Management Americas Inc. increased its holdings in Adobe by 13.3% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 3,998,896 shares of the software company’s stock worth $2,302,244,000 after acquiring an additional 467,894 shares during the period. 82.54% of the stock is currently owned by institutional investors and hedge funds.

In related news, CAO Mark S. Garfield sold 463 shares of the stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $425.79, for a total value of $197,140.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John E. Warnock sold 615 shares of the stock in a transaction dated Thursday, April 14th. The stock was sold at an average price of $432.03, for a total transaction of $265,698.45. Following the completion of the transaction, the director now owns 410,165 shares of the company’s stock, valued at $177,203,584.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,538 shares of company stock valued at $4,793,387. 0.23% of the stock is owned by company insiders.

A number of analysts recently weighed in on ADBE shares. Argus decreased their target price on shares of Adobe from $764.00 to $575.00 and set a “buy” rating on the stock in a report on Monday, March 28th. Exane BNP Paribas started coverage on shares of Adobe in a research note on Tuesday, March 29th. They issued an “outperform” rating and a $570.00 price target for the company. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. Credit Suisse Group cut their price target on shares of Adobe from $625.00 to $525.00 and set a “neutral” rating for the company in a research note on Wednesday, March 23rd. Finally, Jefferies Financial Group boosted their price target on shares of Adobe from $550.00 to $570.00 and gave the stock a “buy” rating in a research note on Wednesday, March 23rd. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Buy” and an average target price of $587.75.

NASDAQ ADBE traded up $9.23 during trading on Thursday, hitting $388.56. The company had a trading volume of 235,961 shares, compared to its average volume of 3,746,112. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. Adobe Inc. has a one year low of $374.78 and a one year high of $699.54. The company has a market cap of $183.59 billion, a price-to-earnings ratio of 38.01, a price-to-earnings-growth ratio of 2.02 and a beta of 1.09. The company’s fifty day moving average is $429.35 and its 200-day moving average is $521.51.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings data on Tuesday, March 22nd. The software company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.77 by $0.07. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The business had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the business earned $2.64 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 11.09 EPS for the current year.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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