TKG Advisors LLC Has $475,000 Position in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

TKG Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 58.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 917 shares of the software company’s stock after acquiring an additional 339 shares during the quarter. TKG Advisors LLC’s holdings in Adobe were worth $475,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Leeward Financial Partners LLC lifted its holdings in shares of Adobe by 2.8% during the 3rd quarter. Leeward Financial Partners LLC now owns 8,726 shares of the software company’s stock valued at $4,518,000 after purchasing an additional 236 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in Adobe by 3.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 212,429 shares of the software company’s stock worth $109,991,000 after purchasing an additional 6,241 shares during the period. National Pension Service boosted its stake in Adobe by 13.2% in the 3rd quarter. National Pension Service now owns 878,795 shares of the software company’s stock worth $455,022,000 after purchasing an additional 102,351 shares during the period. Silicon Valley Capital Partners raised its stake in shares of Adobe by 7.8% in the 3rd quarter. Silicon Valley Capital Partners now owns 5,736 shares of the software company’s stock valued at $2,970,000 after purchasing an additional 415 shares during the period. Finally, Cohen Capital Management Inc. grew its holdings in shares of Adobe by 13.5% during the third quarter. Cohen Capital Management Inc. now owns 2,437 shares of the software company’s stock worth $1,262,000 after buying an additional 290 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on ADBE shares. Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Oppenheimer restated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Read Our Latest Report on ADBE

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock traded down $2.38 on Monday, reaching $480.42. 142,859 shares of the stock were exchanged, compared to its average volume of 3,162,019. 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 firm has a market cap of $211.48 billion, a PE ratio of 40.58, a P/E/G ratio of 2.46 and a beta of 1.30. The firm’s 50 day moving average is $522.17 and its 200-day moving average is $516.20. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE – Get Free Report) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.26 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Adobe Profile

(Free Report)

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.

Further Reading