Pinnacle Associates Ltd. Sells 2,290 Shares of Adobe Inc (ADBE)

Pinnacle Associates Ltd. reduced its stake in shares of Adobe Inc (NASDAQ:ADBE) by 7.0% in the third quarter, Holdings Channel reports. The institutional investor owned 30,576 shares of the software company’s stock after selling 2,290 shares during the period. Pinnacle Associates Ltd.’s holdings in Adobe were worth $8,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Greenleaf Trust grew its stake in shares of Adobe by 9.5% in the third quarter. Greenleaf Trust now owns 4,100 shares of the software company’s stock worth $1,107,000 after purchasing an additional 355 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Adobe by 76.9% in the third quarter. SG Americas Securities LLC now owns 87,663 shares of the software company’s stock worth $23,665,000 after purchasing an additional 38,095 shares in the last quarter. Iberiabank Corp grew its stake in shares of Adobe by 32.5% in the third quarter. Iberiabank Corp now owns 20,238 shares of the software company’s stock worth $5,463,000 after purchasing an additional 4,959 shares in the last quarter. Sunesis Advisors LLC bought a new position in shares of Adobe in the third quarter worth $204,000. Finally, Moneta Group Investment Advisors LLC bought a new position in shares of Adobe in the second quarter worth $546,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

In other news, EVP Ann Lewnes sold 2,941 shares of the company’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the sale, the executive vice president now directly owns 58,557 shares of the company’s stock, valued at $15,877,144.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $245.30, for a total value of $2,943,600.00. Following the sale, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at $16,697,816.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,806 shares of company stock valued at $5,167,142. 0.33% of the stock is currently owned by company insiders.

Several research analysts have recently issued reports on ADBE shares. Barclays increased their price target on Adobe from $297.00 to $304.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 16th. Argus increased their price target on Adobe from $289.00 to $320.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $305.00 price target for the company in a research note on Thursday, October 4th. BidaskClub cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 22nd. Finally, Citigroup increased their price target on Adobe from $260.00 to $309.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. Eleven equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Adobe presently has an average rating of “Buy” and a consensus target price of $272.55.

Shares of ADBE stock opened at $225.56 on Friday. Adobe Inc has a fifty-two week low of $165.68 and a fifty-two week high of $277.61. The stock has a market cap of $110.10 billion, a P/E ratio of 62.83, a PEG ratio of 2.43 and a beta of 1.15. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. Adobe had a return on equity of 29.51% and a net margin of 28.16%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the business posted $1.10 earnings per share. The company’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc will post 5.66 EPS for the current fiscal year.

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Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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