PNC Financial Services Group Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

PNC Financial Services Group Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 131,563 shares of the software company's stock after buying an additional 8,813 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Adobe were worth $78,491,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. One Charles Private Wealth Services LLC grew its holdings in Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company's stock valued at $400,000 after purchasing an additional 17 shares during the period. Invst LLC grew its stake in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company's stock valued at $467,000 after buying an additional 17 shares during the period. Raleigh Capital Management Inc. grew its stake in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company's stock valued at $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC raised its position in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company's stock worth $411,000 after buying an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management boosted its holdings in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company's stock valued at $249,000 after acquiring an additional 17 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Piper Sandler Companies dropped their price target on Adobe from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, March 15th. Royal Bank of Canada reiterated an "outperform" rating and set a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a "hold" rating for the company in a report on Friday, March 15th. DA Davidson reiterated a "buy" rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Finally, KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They set an "underweight" rating and a $445.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $612.79.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $7.30 during trading hours on Friday, hitting $465.43. The stock had a trading volume of 2,684,170 shares, compared to its average volume of 3,017,338. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock's fifty day simple moving average is $476.71 and its 200 day simple moving average is $545.25. The firm has a market capitalization of $208.51 billion, a price-to-earnings ratio of 44.50, a PEG ratio of 2.52 and a beta of 1.27. Adobe Inc. has a 1-year low of $423.58 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 EPS. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the business's stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company's stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company's stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company's stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 over the last three months. Corporate insiders own 0.15% of the company's stock.

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.

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