Adobe Inc. (NASDAQ:ADBE) Shares Sold by TCTC Holdings LLC

TCTC Holdings LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 11,354 shares of the software company’s stock after selling 3,177 shares during the period. TCTC Holdings LLC’s holdings in Adobe were worth $5,049,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Briaud Financial Planning Inc acquired a new position in Adobe during the 3rd quarter worth approximately $36,000. Finally, Decker Retirement Planning Inc. purchased a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 4.5 %

Shares of NASDAQ ADBE opened at $394.74 on Monday. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The company has a market cap of $171.87 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. 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 stock has a fifty day moving average price of $437.03 and a 200 day moving average price of $481.50.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm earned $4.48 EPS. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was 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 trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. Mizuho decreased their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday. UBS Group decreased their price target on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research note on Thursday. KeyCorp decreased their price target on Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research note on Thursday. Finally, Bank of America decreased their price target on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $540.60.

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.