Adobe Inc. (NASDAQ:ADBE) Shares Bought by TCG Advisory Services LLC

TCG Advisory Services LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4,482.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,734 shares of the software company’s stock after purchasing an additional 33,976 shares during the period. Adobe makes up approximately 1.4% of TCG Advisory Services LLC’s holdings, making the stock its 11th biggest position. TCG Advisory Services LLC’s holdings in Adobe were worth $20,722,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the fourth quarter worth about $35,000. BluePath Capital Management LLC purchased a new position in shares of Adobe in the third quarter worth approximately $39,000. Hanseatic Management Services Inc. acquired a new stake in shares of Adobe during the third quarter valued at approximately $45,000. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Adobe in the 3rd quarter valued at approximately $52,000. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. Robert W. Baird reduced their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Bank of America lowered their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Mizuho restated a “buy” rating and set a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Performance

ADBE stock traded up $9.61 during mid-day trading on Friday, reaching $486.18. 2,833,186 shares of the stock traded hands, compared to its average volume of 2,940,603. 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 has a 50-day moving average of $508.34 and a two-hundred day moving average of $561.74. The firm has a market capitalization of $217.81 billion, a PE ratio of 46.48, a P/E/G ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm posted $2.97 EPS. The company’s revenue was up 11.3% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has authorized a share repurchase plan 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 shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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.