Pioneer Trust Bank N A OR Has $5.98 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Pioneer Trust Bank N A OR increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 13,444 shares of the software company's stock after acquiring an additional 1,550 shares during the period. Adobe accounts for about 1.5% of Pioneer Trust Bank N A OR's holdings, making the stock its 27th largest position. Pioneer Trust Bank N A OR's holdings in Adobe were worth $5,978,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter valued at about $2,553,035,000. Charles Schwab Investment Management Inc. increased its stake in Adobe by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock valued at $1,249,066,000 after acquiring an additional 92,458 shares during the period. Franklin Resources Inc. raised its position in Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after purchasing an additional 163,983 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity at Adobe

In other news, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Stock Down 5.0 %

Shares of ADBE traded down $18.18 on Friday, hitting $349.07. The company's stock had a trading volume of 5,863,312 shares, compared to its average volume of 3,342,914. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. The firm's fifty day moving average price is $425.66 and its 200-day moving average price is $463.96. Adobe Inc. has a fifty-two week low of $348.80 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for 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 last year, the business posted $4.48 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ADBE shares. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. TD Cowen downgraded shares of Adobe from a "buy" rating to a "hold" rating and cut their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Wells Fargo & Company dropped their price objective on shares of Adobe from $640.00 to $600.00 and set an "overweight" rating for the company in a report on Friday, March 7th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research report on Thursday, December 12th. Finally, Morgan Stanley decreased their target price on Adobe from $660.00 to $600.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.