Townsquare Capital LLC Sells 5,029 Shares of Adobe Inc. $ADBE

Townsquare Capital LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 70.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,096 shares of the software company’s stock after selling 5,029 shares during the quarter. Townsquare Capital LLC’s holdings in Adobe were worth $734,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Willis Investment Counsel increased its holdings in shares of Adobe by 138.9% in the 4th quarter. Willis Investment Counsel now owns 40,715 shares of the software company’s stock worth $14,250,000 after buying an additional 23,671 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Adobe by 112.6% in the 3rd quarter. Victory Capital Management Inc. now owns 1,341,410 shares of the software company’s stock worth $469,467,000 after buying an additional 710,357 shares during the last quarter. Nicholas Company Inc. increased its holdings in shares of Adobe by 7.6% in the 4th quarter. Nicholas Company Inc. now owns 174,626 shares of the software company’s stock worth $61,117,000 after buying an additional 12,400 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Adobe by 13.4% in the 4th quarter. Teacher Retirement System of Texas now owns 215,611 shares of the software company’s stock worth $75,462,000 after buying an additional 25,435 shares during the last quarter. Finally, Wealthfront Advisers LLC increased its holdings in shares of Adobe by 13.2% in the 4th quarter. Wealthfront Advisers LLC now owns 55,179 shares of the software company’s stock worth $19,312,000 after buying an additional 6,426 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. Piper Sandler restated a “neutral” rating and issued a $280.00 target price on shares of Adobe in a report on Thursday, June 4th. Oppenheimer restated a “market perform” rating on shares of Adobe in a report on Friday, March 13th. Argus restated a “hold” rating on shares of Adobe in a report on Monday, March 16th. Barclays downgraded shares of Adobe from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $335.00 to $275.00 in a report on Friday, March 13th. Finally, Morgan Stanley reduced their target price on shares of Adobe from $425.00 to $365.00 and set an “equal weight” rating on the stock in a report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, seventeen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $331.65.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $233.38 on Thursday. The company has a market capitalization of $94.33 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.93 and a beta of 1.42. Adobe Inc. has a 12 month low of $224.13 and a 12 month high of $416.39. The firm’s 50-day moving average is $245.79 and its 200 day moving average is $279.88. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 12th. The software company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.87 by $0.19. The company had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.28 billion. Adobe had a net margin of 29.48% and a return on equity of 64.48%. The firm’s revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.08 EPS. Research analysts predict that Adobe Inc. will post 19.14 EPS for the current year.

Adobe announced that its board has initiated a stock repurchase plan on Tuesday, April 21st that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 24.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 75,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $243.54, for a total transaction of $18,265,500.00. Following the transaction, the chief executive officer directly owned 359,538 shares in the company, valued at approximately $87,561,884.52. This represents a 17.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 755 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $246.25, for a total transaction of $185,918.75. Following the transaction, the chief accounting officer owned 3,521 shares in the company, valued at $867,046.25. The trade was a 17.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 77,091 shares of company stock worth $18,782,773. Insiders own 0.20% of the company’s stock.

Key Headlines Impacting Adobe

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe’s upcoming earnings could provide a catalyst if management shows Firefly and GenStudio are driving meaningful AI-related demand and improved guidance. Adobe Faces Make-or-Break Earnings Test as Traders Brace for Big Stock Swing
• Positive Sentiment: Some analysts and market watchers still see upside if Adobe can prove AI is becoming a real tailwind, rather than just a narrative, which could help restore investor confidence. Adobe Q2 Preview: Stock Near 7-Year Low, Market Expert Says Investors Want Proof ‘AI Is A Tailwind’
• Positive Sentiment: Options traders are pricing in a large post-earnings move, suggesting the stock could rebound sharply if results beat expectations and the outlook improves. Adobe Will Report Q2 Earnings Tomorrow. Options Traders Expect a 9.45% Move in ADBE Stock

Adobe Profile

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company’s core offerings are organized around digital media and digital experience.