TCV Trust & Wealth Management Inc. Acquires 868 Shares of Adobe Inc. (NASDAQ:ADBE)

TCV Trust & Wealth Management Inc. boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 28,720 shares of the software company’s stock after buying an additional 868 shares during the quarter. TCV Trust & Wealth Management Inc.’s holdings in Adobe were worth $12,771,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Sather Financial Group Inc raised its holdings in shares of Adobe by 2.4% during the 4th quarter. Sather Financial Group Inc now owns 107,830 shares of the software company’s stock valued at $47,950,000 after buying an additional 2,532 shares in the last quarter. Warther Private Wealth LLC lifted its holdings in shares of Adobe by 318.9% in the 4th quarter. Warther Private Wealth LLC now owns 3,540 shares of the software company’s stock worth $1,574,000 after acquiring an additional 2,695 shares during the last quarter. Portfolio Design Labs LLC boosted its stake in shares of Adobe by 28.5% in the 4th quarter. Portfolio Design Labs LLC now owns 5,078 shares of the software company’s stock valued at $2,258,000 after purchasing an additional 1,127 shares in the last quarter. Quent Capital LLC boosted its stake in shares of Adobe by 5.0% in the 4th quarter. Quent Capital LLC now owns 2,081 shares of the software company’s stock valued at $925,000 after purchasing an additional 100 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC raised its position in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after purchasing an additional 23 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Up 1.7 %

Shares of Adobe stock opened at $458.82 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $626.34. The company has a market cap of $199.72 billion, a price-to-earnings ratio of 37.00, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company’s 50 day moving average is $452.62 and its 200 day moving average is $498.52.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. Royal Bank of Canada reduced their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.