Pinion Investment Advisors LLC Has $881,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Pinion Investment Advisors LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,477 shares of the software company’s stock after selling 48 shares during the quarter. Pinion Investment Advisors LLC’s holdings in Adobe were worth $881,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Iron Horse Wealth Management LLC bought a new position in shares of Adobe in the third quarter valued at approximately $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe in the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates raised its position in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Financial Freedom LLC bought a new position in shares of Adobe in the fourth quarter valued at approximately $29,000. Finally, Halpern Financial Inc. raised its position in shares of Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. UBS Group dropped their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Citigroup boosted their price target on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a report on Tuesday, December 12th. Robert W. Baird lowered their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Down 0.4 %

Shares of ADBE stock traded down $1.99 on Friday, reaching $485.12. The company had a trading volume of 4,968,712 shares, compared to its average volume of 4,673,611. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $217.33 billion, a PE ratio of 46.38, a PEG ratio of 2.63 and a beta of 1.28. The company has a 50-day moving average of $556.17 and a 200-day moving average of $568.75. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.97 EPS. On average, equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has approved a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. In the last three months, insiders sold 3,063 shares of company stock valued at $1,853,025. 0.15% of the stock is owned by corporate insiders.

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.