Townsquare Capital LLC Lowers Stock Holdings in Adobe Inc. $ADBE

Townsquare Capital LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 70.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,096 shares of the software company’s stock after selling 5,029 shares during the period. Townsquare Capital LLC’s holdings in Adobe were worth $734,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Western Pacific Wealth Management LP purchased a new stake in Adobe in the 4th quarter valued at about $26,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $26,000. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $27,000. Caitlin John LLC purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $28,000. Finally, Beacon Financial Strategies CORP purchased a new stake in shares of Adobe in the 4th quarter worth approximately $28,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 755 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $246.25, for a total transaction of $185,918.75. Following the completion of the sale, the chief accounting officer owned 3,521 shares of the company’s stock, valued at $867,046.25. This represents a 17.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn sold 1,336 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $248.02, for a total transaction of $331,354.72. Following the sale, the chief financial officer directly owned 42,833 shares of the company’s stock, valued at $10,623,440.66. The trade was a 3.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,091 shares of company stock valued at $18,782,773 over the last 90 days. Insiders own 0.20% of the company’s stock.

Adobe News Roundup

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe’s upcoming earnings could provide a catalyst if management shows Firefly and GenStudio are driving meaningful AI-related demand and improved guidance. Adobe Faces Make-or-Break Earnings Test as Traders Brace for Big Stock Swing
• Positive Sentiment: Some analysts and market watchers still see upside if Adobe can prove AI is becoming a real tailwind, rather than just a narrative, which could help restore investor confidence. Adobe Q2 Preview: Stock Near 7-Year Low, Market Expert Says Investors Want Proof ‘AI Is A Tailwind’
• Positive Sentiment: Options traders are pricing in a large post-earnings move, suggesting the stock could rebound sharply if results beat expectations and the outlook improves. Adobe Will Report Q2 Earnings Tomorrow. Options Traders Expect a 9.45% Move in ADBE Stock

Adobe Trading Down 1.9%

NASDAQ:ADBE opened at $233.38 on Thursday. Adobe Inc. has a 52 week low of $224.13 and a 52 week high of $416.39. The firm has a 50 day moving average of $245.79 and a 200 day moving average of $279.88. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $94.33 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.93 and a beta of 1.42.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 12th. The software company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.87 by $0.19. Adobe had a net margin of 29.48% and a return on equity of 64.48%. The company had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter in the prior year, the company posted $5.08 earnings per share. Adobe’s revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc. will post 19.14 earnings per share for the current fiscal year.

Adobe announced that its board has approved a share buyback plan on Tuesday, April 21st that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 24.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ADBE shares. Citigroup upped their price target on shares of Adobe from $253.00 to $264.00 and gave the stock a “neutral” rating in a research report on Friday, June 5th. Morgan Stanley lowered their price target on shares of Adobe from $425.00 to $365.00 and set an “equal weight” rating for the company in a research report on Friday, March 13th. Stifel Nicolaus lowered their price target on shares of Adobe from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Monday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Adobe in a research report on Friday, March 13th. Finally, Jefferies Financial Group lowered their price target on shares of Adobe from $400.00 to $290.00 and set a “hold” rating for the company in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seventeen have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Hold” and an average price target of $331.65.

Adobe Profile

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company’s core offerings are organized around digital media and digital experience.