Pitcairn Co. Sells 2,358 Shares of Adobe Inc. (NASDAQ:ADBE)

Pitcairn Co. cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,048 shares of the software company's stock after selling 2,358 shares during the period. Pitcairn Co.'s holdings in Adobe were worth $5,358,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter worth $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. Decker Retirement Planning Inc. bought a new position in Adobe in the 4th quarter worth about $31,000. Summit Securities Group LLC purchased a new position in Adobe during the 4th quarter valued at about $31,000. Finally, Caitlin John LLC increased its position in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after buying an additional 48 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company's stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the firm's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company's stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by company insiders.

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Adobe Stock Performance

Shares of NASDAQ ADBE traded down $18.53 during midday trading on Thursday, hitting $367.25. 5,319,125 shares of the stock traded hands, compared to its average volume of 3,339,589. 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 Inc. has a one year low of $365.86 and a one year high of $587.75. The firm has a market capitalization of $156.52 billion, a P/E ratio of 29.62, a PEG ratio of 2.15 and a beta of 1.49. The firm has a 50-day moving average of $427.38 and a two-hundred day moving average of $465.15.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same period last year, the firm posted $4.48 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. Evercore ISI reduced their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Finally, Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Eleven 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $531.54.

Adobe 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.