Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Pioneer Trust Bank N A OR

Pioneer Trust Bank N A OR lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 13,694 shares of the software company’s stock after purchasing an additional 250 shares during the quarter. Pioneer Trust Bank N A OR’s holdings in Adobe were worth $5,252,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock worth $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ADBE. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday, June 16th. Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Piper Sandler lowered their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research report on Monday, June 16th. Finally, Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $473.88.

Adobe Stock Down 2.2%

ADBE opened at $363.35 on Monday. The stock has a market capitalization of $154.13 billion, a P/E ratio of 23.25, a P/E/G ratio of 1.72 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50 day simple moving average of $396.03 and a 200-day simple moving average of $405.23. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company 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.