TCV Trust & Wealth Management Inc. Acquires 412 Shares of Adobe Inc. (NASDAQ:ADBE)

TCV Trust & Wealth Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,132 shares of the software company’s stock after purchasing an additional 412 shares during the period. TCV Trust & Wealth Management Inc.’s holdings in Adobe were worth $11,173,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC raised its holdings in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG grew 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 valued at $12,882,000 after acquiring an additional 756 shares during the last quarter. GHE LLC raised its stake in shares of Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company’s stock worth $10,484,000 after acquiring an additional 670 shares in the last quarter. Linscomb Wealth Inc. raised its stake in shares of Adobe by 11.1% during the fourth quarter. Linscomb Wealth Inc. now owns 5,327 shares of the software company’s stock worth $2,369,000 after acquiring an additional 532 shares in the last quarter. Finally, Peloton Wealth Strategists lifted its holdings in shares of Adobe by 1.8% in the 4th quarter. Peloton Wealth Strategists now owns 4,167 shares of the software company’s stock worth $1,853,000 after acquiring an additional 75 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE opened at $385.83 on Friday. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company has a market cap of $163.67 billion, a price-to-earnings ratio of 24.69, a price-to-earnings-growth ratio of 1.82 and a beta of 1.55. The stock has a fifty day simple moving average of $393.23 and a two-hundred day simple moving average of $411.65. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) 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 firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the firm earned $4.48 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. UBS Group increased their target price on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Evercore ISI reiterated an “outperform” rating and issued a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. Jefferies Financial Group lowered their target price on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $496.75.

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.