Adobe Inc. (NASDAQ:ADBE) Holdings Boosted by Townsquare Capital LLC

Townsquare Capital LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 20.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 108,749 shares of the software company’s stock after acquiring an additional 18,827 shares during the period. Adobe accounts for about 0.7% of Townsquare Capital LLC’s investment portfolio, making the stock its 27th biggest holding. Townsquare Capital LLC’s holdings in Adobe were worth $56,308,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Cadence Bank increased its position in Adobe by 0.7% in the third quarter. Cadence Bank now owns 4,861 shares of the software company’s stock worth $2,517,000 after buying an additional 36 shares during the period. J. Stern & Co. LLP grew its position in shares of Adobe by 4.7% during the third quarter. J. Stern & Co. LLP now owns 81,839 shares of the software company’s stock worth $42,375,000 after acquiring an additional 3,664 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Adobe by 5.5% in the 3rd quarter. Brooklyn Investment Group now owns 3,321 shares of the software company’s stock worth $1,720,000 after acquiring an additional 174 shares during the period. D.A. Davidson & CO. boosted its stake in Adobe by 2.7% during the 3rd quarter. D.A. Davidson & CO. now owns 44,549 shares of the software company’s stock valued at $23,067,000 after purchasing an additional 1,166 shares during the period. Finally, FMR LLC grew its position in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.3 %

Shares of NASDAQ:ADBE opened at $525.30 on Wednesday. The firm has a fifty day moving average of $503.28 and a two-hundred day moving average of $519.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $231.24 billion, a P/E ratio of 44.37, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30.

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

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

About Adobe

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.