Townsquare Capital LLC Has $56.31 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Townsquare Capital LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 20.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 108,749 shares of the software company’s stock after acquiring an additional 18,827 shares during the period. Adobe accounts for 0.7% of Townsquare Capital LLC’s portfolio, making the stock its 27th largest position. Townsquare Capital LLC’s holdings in Adobe were worth $56,308,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the third quarter valued at $30,000. Summit Securities Group LLC bought a new position in Adobe in the second quarter worth $33,000. Briaud Financial Planning Inc acquired a new stake in Adobe during the third quarter worth $36,000. Finally, Highline Wealth Partners LLC bought a new stake in Adobe in the 3rd quarter valued at $38,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.3 %

Shares of Adobe stock opened at $525.30 on Wednesday. The company has a market capitalization of $231.24 billion, a P/E ratio of 44.37, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50-day moving average of $503.28 and a two-hundred day moving average of $519.80. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ADBE shares. UBS Group decreased their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by corporate insiders.

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.