TCTC Holdings LLC Acquires 2,857 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• TCTC Holdings LLC increased its stake in Adobe Inc. by 25.2%, acquiring an additional 2,857 shares in the first quarter, bringing its total to 14,211 shares valued at approximately $5.45 million.
• Multiple institutional investors have also enhanced their holdings in Adobe, with 81.79% of the company's stock now owned by such investors.
• Adobe's recent quarterly earnings reported an earnings per share of $5.06, exceeding analysts' expectations, with revenue rising 10.6% year-over-year to $5.87 billion.

TCTC Holdings LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 25.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,211 shares of the software company's stock after acquiring an additional 2,857 shares during the period. TCTC Holdings LLC's holdings in Adobe were worth $5,450,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after buying an additional 821,293 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after buying an additional 600,146 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC raised its position in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a research report on Wednesday, July 2nd. Oppenheimer lowered their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Citigroup lowered their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Stock Performance

Shares of Adobe stock traded down $8.82 during trading hours on Friday, reaching $348.87. 2,788,268 shares of the stock traded hands, compared to its average volume of 3,764,029. The company has a 50 day moving average price of $386.92 and a 200 day moving average price of $399.51. The firm has a market capitalization of $147.99 billion, a price-to-earnings ratio of 22.34, a P/E/G ratio of 1.73 and a beta of 1.51. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.48 EPS. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe 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.