Tower Research Capital LLC TRC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Tower Research Capital LLC TRC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 131.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,567 shares of the software company's stock after purchasing an additional 24,195 shares during the quarter. Tower Research Capital LLC TRC's holdings in Adobe were worth $18,929,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADBE. M&T Bank Corp raised its holdings in shares of Adobe by 3.9% during the third quarter. M&T Bank Corp now owns 156,198 shares of the software company's stock valued at $80,876,000 after acquiring an additional 5,905 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Adobe during the third quarter worth approximately $4,167,000. Morse Asset Management Inc raised its stake in Adobe by 32.6% in the 3rd quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock valued at $4,398,000 after purchasing an additional 2,088 shares during the last quarter. Te Ahumairangi Investment Management Ltd raised its stake in Adobe by 12.9% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock valued at $2,294,000 after purchasing an additional 510 shares during the last quarter. Finally, Anchor Investment Management LLC lifted its holdings in Adobe by 1.6% in the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock valued at $8,420,000 after purchasing an additional 255 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ADBE. Wells Fargo & Company dropped their target price on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a report on Tuesday. BMO Capital Markets dropped their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Robert W. Baird decreased their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Citigroup cut their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a report on Monday, March 10th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe Trading Up 2.5 %

NASDAQ ADBE traded up $8.95 during trading on Thursday, hitting $360.91. The stock had a trading volume of 3,080,378 shares, compared to its average volume of 3,424,974. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $153.82 billion, a PE ratio of 29.11, a PEG ratio of 2.15 and a beta of 1.49. The firm has a 50 day moving average price of $396.80 and a 200 day moving average price of $447.18. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the business posted $4.48 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Company 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.