Tower Research Capital LLC TRC Buys 11,617 Shares of Adobe Inc (NASDAQ:ADBE)

Tower Research Capital LLC TRC grew its stake in shares of Adobe Inc (NASDAQ:ADBE) by 823.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,027 shares of the software company’s stock after buying an additional 11,617 shares during the period. Tower Research Capital LLC TRC’s holdings in Adobe were worth $3,599,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Marquette Asset Management LLC boosted its holdings in Adobe by 114.3% during the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after buying an additional 48 shares during the last quarter. JNBA Financial Advisors boosted its holdings in Adobe by 666.7% during the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after buying an additional 80 shares during the last quarter. Manchester Financial Inc. bought a new position in Adobe during the second quarter worth about $28,000. JJJ Advisors Inc. bought a new position in Adobe during the third quarter worth about $28,000. Finally, Hexavest Inc. boosted its holdings in Adobe by 58.2% during the third quarter. Hexavest Inc. now owns 106 shares of the software company’s stock worth $29,000 after buying an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 86.60% of the company’s stock.

Several equities analysts have recently weighed in on the company. BMO Capital Markets cut their price objective on Adobe from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, October 21st. BidaskClub cut Adobe from a “sell” rating to a “strong sell” rating in a report on Saturday, October 19th. ValuEngine cut Adobe from a “hold” rating to a “sell” rating in a report on Monday, November 4th. Stifel Nicolaus reiterated a “neutral” rating and set a $325.00 price objective on shares of Adobe in a report on Wednesday, September 18th. Finally, JMP Securities reiterated a “hold” rating on shares of Adobe in a report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $304.88.

In related news, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total value of $867,960.00. Following the sale, the executive vice president now owns 55,198 shares of the company’s stock, valued at approximately $15,969,885.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 9,000 shares of company stock worth $2,500,110. 0.32% of the stock is owned by insiders.

Adobe stock traded down $2.19 during midday trading on Monday, reaching $290.27. The stock had a trading volume of 1,777,300 shares, compared to its average volume of 2,743,175. The firm’s fifty day simple moving average is $275.72 and its 200-day simple moving average is $284.60. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11. The stock has a market capitalization of $140.04 billion, a P/E ratio of 52.30, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 0.74.

Adobe (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.08. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the firm earned $1.73 EPS. Adobe’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc will post 6.39 earnings per share for the current fiscal year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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