PNC Financial Services Group Inc. Trims Stake in Adobe Inc. (NASDAQ:ADBE)

PNC Financial Services Group Inc. lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 133,089 shares of the software company’s stock after selling 8,718 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Adobe were worth $59,182,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp grew its holdings in Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC grew its holdings in Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC grew its holdings in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC grew its holdings in Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ADBE. Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Mizuho dropped their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Barclays dropped their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $567.81.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the 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 completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.0 %

ADBE opened at $449.40 on Monday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a market capitalization of $195.67 billion, a PE ratio of 36.24, a PEG ratio of 2.15 and a beta of 1.37. The firm’s 50 day simple moving average is $439.56 and its two-hundred day simple moving average is $486.60.

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

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.