Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 20.9% in the second quarter, HoldingsChannel reports. The firm owned 1,644 shares of the software company’s stock after purchasing an additional 284 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Adobe were worth $963,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Baldrige Asset Management LLC acquired a new stake in shares of Adobe during the 2nd quarter valued at about $26,000. Harbour Investments Inc. bought a new position in shares of Adobe in the 1st quarter valued at approximately $27,000. Key Financial Inc bought a new position in Adobe in the 2nd quarter worth approximately $29,000. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Adobe during the 1st quarter worth approximately $33,000. Finally, Summit Wealth Group LLC acquired a new stake in shares of Adobe during the 1st quarter worth approximately $48,000. Hedge funds and other institutional investors own 81.67% of the company’s stock.

In other Adobe news, Director John E. Warnock sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 22nd. The shares were sold at an average price of $568.40, for a total transaction of $3,410,400.00. Following the transaction, the director now owns 18,882 shares in the company, valued at approximately $10,732,528.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dana Rao sold 2,833 shares of the stock in a transaction on Monday, June 21st. The stock was sold at an average price of $563.12, for a total transaction of $1,595,318.96. Following the completion of the sale, the executive vice president now owns 20,144 shares in the company, valued at approximately $11,343,489.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,363 shares of company stock valued at $7,711,611. 0.23% of the stock is owned by corporate insiders.

Several analysts recently commented on ADBE shares. Guggenheim reaffirmed a “hold” rating on shares of Adobe in a research note on Sunday, June 20th. Stifel Nicolaus increased their price target on Adobe from $675.00 to $725.00 and gave the stock a “buy” rating in a report on Tuesday, September 7th. Oppenheimer upped their price objective on Adobe from $550.00 to $600.00 and gave the stock an “outperform” rating in a research report on Friday, June 18th. They noted that the move was a valuation call. The Goldman Sachs Group increased their price target on Adobe from $580.00 to $665.00 and gave the company a “buy” rating in a research report on Friday, June 18th. Finally, JPMorgan Chase & Co. upped their price objective on Adobe from $595.00 to $660.00 and gave the company an “overweight” rating in a research note on Friday, June 18th. Five research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $622.54.

ADBE opened at $645.01 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31. Adobe Inc. has a fifty-two week low of $420.78 and a fifty-two week high of $673.88. The firm’s fifty day moving average is $633.81 and its 200 day moving average is $548.61. The stock has a market cap of $307.28 billion, a price-to-earnings ratio of 55.89, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.22. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the previous year, the firm posted $2.45 EPS. The business’s quarterly revenue was up 22.7% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 10.28 earnings per share for the current year.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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