Tower Research Capital LLC TRC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Tower Research Capital LLC TRC boosted its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 131.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,567 shares of the software company’s stock after buying an additional 24,195 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Adobe were worth $18,929,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Thematics Asset Management grew its stake in Adobe by 5.1% during the 4th quarter. Thematics Asset Management now owns 18,013 shares of the software company’s stock valued at $8,010,000 after purchasing an additional 873 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in shares of Adobe by 1.4% during the fourth quarter. Tradition Wealth Management LLC now owns 2,683 shares of the software company’s stock worth $1,193,000 after purchasing an additional 37 shares during the period. Seaview Investment Managers LLC raised its position in shares of Adobe by 23.4% during the 4th quarter. Seaview Investment Managers LLC now owns 20,631 shares of the software company’s stock worth $9,174,000 after purchasing an additional 3,906 shares during the period. Kelly Lawrence W & Associates Inc. CA increased its position in Adobe by 6,413.8% in the fourth quarter. Kelly Lawrence W & Associates Inc. CA now owns 23,059 shares of the software company’s stock worth $10,254,000 after buying an additional 22,705 shares during the period. Finally, Landing Point Financial Group LLC bought a new stake in Adobe in the 4th quarter valued at about $230,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $348.80 on Friday. The firm has a market cap of $148.66 billion, a price-to-earnings ratio of 28.13, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $403.54 and a 200 day simple moving average of $450.04.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the business earned $4.48 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on ADBE. Morgan Stanley cut their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday. Wells Fargo & Company decreased their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Mizuho cut their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $513.27.

Read Our Latest Research Report on ADBE

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

About Adobe

(Free Report)

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.

See Also