Pinnacle Financial Partners Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 6.8% during the fourth quarter, Holdings Channel reports. The fund owned 3,145 shares of the software company’s stock after acquiring an additional 200 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in Adobe were worth $1,573,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ADBE. Roble Belko & Company Inc increased its position in Adobe by 216.7% in the 3rd quarter. Roble Belko & Company Inc now owns 57 shares of the software company’s stock worth $28,000 after buying an additional 39 shares during the period. Horan Capital Advisors LLC. bought a new position in Adobe in the 3rd quarter worth approximately $32,000. Rockbridge Investment Management LCC bought a new position in Adobe in the 2nd quarter worth approximately $36,000. Newfound Research LLC bought a new position in Adobe in the 3rd quarter worth approximately $38,000. Finally, Magellan Asset Management Ltd bought a new position in Adobe in the 3rd quarter worth approximately $39,000. 82.43% of the stock is currently owned by institutional investors and hedge funds.

Shares of ADBE stock opened at $472.05 on Thursday. The stock’s fifty day simple moving average is $487.60 and its 200 day simple moving average is $473.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.48 and a quick ratio of 1.44. The firm has a market cap of $226.45 billion, a price-to-earnings ratio of 43.55, a P/E/G ratio of 2.70 and a beta of 0.97. Adobe Inc. has a one year low of $255.13 and a one year high of $536.88.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 9th. The software company reported $2.81 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.66 by $0.15. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same quarter in the previous year, the firm earned $2.29 EPS. Adobe’s quarterly revenue was up 14.4% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 9.47 earnings per share for the current year.

Adobe declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 10th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the software company to buy up to 6.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

In other Adobe news, CFO John Francis Murphy sold 4,000 shares of Adobe stock in a transaction on Monday, October 26th. The stock was sold at an average price of $480.90, for a total value of $1,923,600.00. Following the completion of the transaction, the chief financial officer now owns 16,266 shares in the company, valued at approximately $7,822,319.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 948 shares of Adobe stock in a transaction on Monday, December 14th. The shares were sold at an average price of $475.61, for a total value of $450,878.28. Following the completion of the transaction, the chief accounting officer now owns 178 shares of the company’s stock, valued at approximately $84,658.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,148 shares of company stock valued at $3,845,820. Corporate insiders own 0.31% of the company’s stock.

Several brokerages have commented on ADBE. BMO Capital Markets lifted their price target on Adobe from $560.00 to $570.00 and gave the stock an “outperform” rating in a research report on Friday, December 11th. Piper Sandler lifted their price target on Adobe from $430.00 to $570.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 16th. DZ Bank raised Adobe from a “hold” rating to a “buy” rating and set a $570.00 price target on the stock in a research report on Thursday, September 17th. Oppenheimer started coverage on Adobe in a report on Friday, December 11th. They set a “buy” rating and a $550.00 price objective on the stock. Finally, Barclays reissued a “buy” rating and set a $605.00 price objective on shares of Adobe in a report on Sunday, December 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $521.27.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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