First Commonwealth Financial Corp PA Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

First Commonwealth Financial Corp PA trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 75.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 700 shares of the software company's stock after selling 2,172 shares during the period. First Commonwealth Financial Corp PA's holdings in Adobe were worth $311,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ADBE. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the 4th quarter worth $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Caitlin John LLC increased its position in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares in the last quarter. Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after buying an additional 50 shares during the period. Finally, LFA Lugano Financial Advisors SA acquired a new position in shares of Adobe in the 4th quarter worth approximately $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction 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 transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents 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 worth $2,191,826 over the last quarter. Company insiders own 0.16% of the company's stock.

Adobe Stock Up 0.5 %

Adobe stock traded up $1.91 during mid-day trading on Wednesday, reaching $351.82. The stock had a trading volume of 1,105,212 shares, compared to its average volume of 3,413,537. The company has a market capitalization of $149.95 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a 50-day moving average price of $398.97 and a two-hundred day moving average price of $447.84.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the business earned $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Robert W. Baird cut their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Finally, BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

About Adobe

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.