Abner Herrman & Brock LLC Sells 12,915 Shares of Adobe Inc. $ADBE

Key Points

• Abner Herrman & Brock LLC reduced its stake in Adobe Inc. by 44.3%, selling 12,915 shares and leaving it with 16,233 shares valued at $6.28 million.
• Adobe reported a Q3 2023 EPS of $5.31, surpassing estimates, with revenue of $5.99 billion, reflecting a 10.7% year-over-year increase.
• Recent analyst ratings suggest a consensus rating of "Moderate Buy" for Adobe, with a target price averaging around $435.63.

Abner Herrman & Brock LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 44.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,233 shares of the software company's stock after selling 12,915 shares during the quarter. Abner Herrman & Brock LLC's holdings in Adobe were worth $6,280,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Siemens Fonds Invest GmbH grew its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares in the last quarter. 1248 Management LLC bought a new position in shares of Adobe during the 1st quarter worth $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the 1st quarter worth $26,000. SWAN Capital LLC bought a new position in shares of Adobe during the 4th quarter worth $28,000. Finally, Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter worth $28,000. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.3%

Adobe stock opened at $349.36 on Friday. The stock has a 50-day moving average of $357.32 and a two-hundred day moving average of $379.37. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a one year low of $330.04 and a one year high of $557.90. The stock has a market cap of $148.20 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 1.66 and a beta of 1.48.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, September 11th. The software company reported $5.31 EPS for the quarter, beating analysts' consensus estimates of $5.18 by $0.13. Adobe had a return on equity of 56.30% and a net margin of 30.01%.The company had revenue of $5.99 billion during the quarter, compared to analysts' expectations of $5.91 billion. During the same period last year, the business posted $4.65 earnings per share. The firm's revenue was up 10.7% compared to the same quarter last year. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ADBE shares. Piper Sandler dropped their price target on Adobe from $500.00 to $470.00 and set an "overweight" rating on the stock in a research report on Friday. Bank of America raised their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Friday. Royal Bank Of Canada dropped their price objective on Adobe from $480.00 to $430.00 and set an "outperform" rating on the stock in a research report on Monday, September 8th. Finally, Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $435.63.

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.

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