Pinnacle Wealth Planning Services Inc. Sells 733 Shares of Adobe Inc. (NASDAQ:ADBE)

Pinnacle Wealth Planning Services Inc. lessened its position in Adobe Inc. (NASDAQ:ADBE) by 23.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,347 shares of the software company’s stock after selling 733 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Adobe were worth $1,043,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Connable Office Inc. grew its position in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares during the period. 1ST Source Bank grew its position in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the period. Holistic Financial Partners grew its position in shares of Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares during the period. Beacon Financial Advisory LLC grew its position in shares of Adobe by 4.8% in the 3rd quarter. Beacon Financial Advisory LLC now owns 498 shares of the software company’s stock valued at $258,000 after acquiring an additional 23 shares during the period. Finally, Foster Group Inc. boosted its holdings in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after buying an additional 23 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.2 %

ADBE opened at $451.24 on Thursday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $196.42 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 2.15 and a beta of 1.37. The company’s 50 day moving average price is $439.61 and its two-hundred day moving average price is $488.77.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the firm posted $3.52 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Jefferies Financial Group reduced their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Bank of America reduced their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. UBS Group reduced their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Insider Activity

In other news, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

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.