TCW Group Inc. Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• TCW Group Inc. reduced its stake in Adobe Inc. by 6.3%, selling 13,483 shares in the first quarter and retaining 201,574 shares valued at $77.31 million.
• Adobe's latest earnings report showed a profit of $5.06 per share for the quarter, exceeding estimates, with a revenue increase of 10.6% year-over-year.
• Analysts have given Adobe a consensus rating of "Moderate Buy" with a price target set at $473.88, following several adjustments from various financial institutions.

TCW Group Inc. lessened its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 201,574 shares of the software company's stock after selling 13,483 shares during the period. TCW Group Inc.'s holdings in Adobe were worth $77,310,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC raised its position in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares during the last quarter. GHE LLC raised its holdings in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after buying an additional 670 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Adobe in the fourth quarter worth about $1,158,000. Finally, RiverFront Investment Group LLC boosted its stake in shares of Adobe by 63.2% during the 4th quarter. RiverFront Investment Group LLC now owns 764 shares of the software company's stock worth $340,000 after acquiring an additional 296 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE stock traded down $1.27 during trading on Monday, hitting $369.47. The stock had a trading volume of 2,982,954 shares, compared to its average volume of 3,264,594. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The company's 50-day moving average price is $391.01 and its two-hundred day moving average price is $400.57. The stock has a market capitalization of $156.73 billion, a P/E ratio of 23.64, a PEG ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the company posted $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on ADBE. JMP Securities reiterated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a research report on Wednesday, July 2nd. Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $473.88.

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.