Pin Oak Investment Advisors Inc. Sells 22 Shares of Adobe Inc. (NASDAQ:ADBE)

Pin Oak Investment Advisors Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE) by 6.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 328 shares of the software company’s stock after selling 22 shares during the period. Pin Oak Investment Advisors Inc.’s holdings in Adobe were worth $196,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Jump Financial LLC bought a new stake in shares of Adobe during the third quarter worth about $355,000. Alliance Wealth Advisors LLC UT lifted its stake in shares of Adobe by 3.5% during the 3rd quarter. Alliance Wealth Advisors LLC UT now owns 9,879 shares of the software company’s stock valued at $5,037,000 after buying an additional 334 shares in the last quarter. One Capital Management LLC lifted its stake in Adobe by 15.2% in the 3rd quarter. One Capital Management LLC now owns 17,268 shares of the software company’s stock worth $8,805,000 after purchasing an additional 2,283 shares in the last quarter. Valley Wealth Managers Inc. lifted its stake in Adobe by 2.6% in the 3rd quarter. Valley Wealth Managers Inc. now owns 704 shares of the software company’s stock worth $359,000 after purchasing an additional 18 shares in the last quarter. Finally, Cyrus J. Lawrence LLC lifted its stake in Adobe by 0.9% in the 3rd quarter. Cyrus J. Lawrence LLC now owns 23,098 shares of the software company’s stock worth $11,778,000 after purchasing an additional 210 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE traded up $2.75 during trading hours on Tuesday, hitting $462.69. 2,719,997 shares of the company’s stock traded hands, compared to its average volume of 3,351,863. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s fifty day simple moving average is $475.87 and its two-hundred day simple moving average is $544.12. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market cap of $207.29 billion, a P/E ratio of 43.91, a P/E/G ratio of 2.52 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the business posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently commented on ADBE. Piper Sandler Companies reduced their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Citigroup cut their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday. Wells Fargo & Company reduced their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $600.97.

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.