Pioneer Trust Bank N A OR Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Pioneer Trust Bank N A OR increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,444 shares of the software company’s stock after purchasing an additional 1,550 shares during the period. Adobe accounts for 1.5% of Pioneer Trust Bank N A OR’s holdings, making the stock its 27th biggest holding. Pioneer Trust Bank N A OR’s holdings in Adobe were worth $5,978,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. United Bank boosted its stake in Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after buying an additional 428 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $719,000. Quarry LP grew its holdings in shares of Adobe by 445.2% in the third quarter. Quarry LP now owns 229 shares of the software company’s stock valued at $119,000 after purchasing an additional 187 shares in the last quarter. Two Sigma Advisers LP increased its position in Adobe by 13.3% in the third quarter. Two Sigma Advisers LP now owns 58,700 shares of the software company’s stock worth $30,394,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new stake in Adobe during the third quarter valued at $7,436,000. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by corporate insiders.

Adobe Trading Down 5.0 %

NASDAQ ADBE opened at $349.07 on Friday. The company’s 50-day simple moving average is $425.66 and its two-hundred day simple moving average is $463.96. Adobe Inc. has a one year low of $348.80 and a one year high of $587.75. The company has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wells Fargo & Company dropped their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Mizuho decreased their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $531.54.

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.