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

TCG Advisory Services LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4,482.3% in the fourth 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 acquiring an additional 33,976 shares during the period. Adobe makes up 1.4% of TCG Advisory Services LLC’s holdings, making the stock its 11th biggest holding. TCG Advisory Services LLC’s holdings in Adobe were worth $20,722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. HBC Financial Services PLLC purchased a new stake in shares of Adobe in the 3rd quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the fourth quarter valued at approximately $35,000. BluePath Capital Management LLC purchased a new stake in Adobe during the 3rd quarter worth approximately $39,000. Hanseatic Management Services Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $45,000. Finally, First Command Advisory Services Inc. purchased a new position in Adobe in the 3rd quarter valued at approximately $52,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $9.61 on Friday, reaching $486.18. 2,833,186 shares of the company were exchanged, compared to its average volume of 2,940,603. The company has a 50-day moving average of $508.34 and a 200-day moving average of $561.74. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $217.81 billion, a price-to-earnings ratio of 46.48, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25.

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

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

Analyst Ratings Changes

A number of analysts have recently weighed in on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated 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 owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly 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 SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last three months. Corporate insiders own 0.15% of the company’s stock.

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.