Adobe Inc. (NASDAQ:ADBE) Shares Sold by TCW Group Inc.

TCW Group Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 221,138 shares of the software company’s stock after selling 3,149 shares during the period. Adobe accounts for approximately 1.0% of TCW Group Inc.’s investment portfolio, making the stock its 28th biggest holding. TCW Group Inc.’s holdings in Adobe were worth $114,501,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC lifted its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Thursday, December 5th. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Morgan Stanley restated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Thursday, December 5th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $600.79.

Adobe Stock Down 0.2 %

Shares of ADBE opened at $547.05 on Wednesday. The stock has a 50 day moving average price of $504.80 and a 200 day moving average price of $522.67. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $240.81 billion, a price-to-earnings ratio of 46.20, a PEG ratio of 2.52 and a beta of 1.29.

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

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,793 shares of company stock valued at $18,069,669 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

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.