Pinnacle Financial Partners Inc Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Pinnacle Financial Partners Inc cut its stake in Adobe Inc. (NASDAQ:ADBE) by 21.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,918 shares of the software company’s stock after selling 528 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Adobe were worth $993,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GM Advisory Group LLC bought a new position in shares of Adobe during the first quarter valued at approximately $214,000. Forge First Asset Management Inc. purchased a new stake in Adobe in the first quarter valued at about $6,207,000. M&G Plc purchased a new stake in shares of Adobe during the first quarter worth about $62,015,000. Mizuho Markets Cayman LP acquired a new position in shares of Adobe during the first quarter valued at about $426,000. Finally, First Foundation Advisors raised its position in shares of Adobe by 6.9% in the 1st quarter. First Foundation Advisors now owns 9,953 shares of the software company’s stock valued at $5,022,000 after purchasing an additional 646 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $529.87 on Friday. The business’s fifty day moving average price is $511.75 and its 200 day moving average price is $517.67. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market capitalization of $233.25 billion, a PE ratio of 44.97, a P/E/G ratio of 2.71 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Stifel Nicolaus lifted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Company 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.