Carnegie Investment Counsel lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 94,080 shares of the software company's stock after selling 10,845 shares during the period. Carnegie Investment Counsel's holdings in Adobe were worth $36,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. 1248 Management LLC acquired a new stake in shares of Adobe during the 1st quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe in the 1st quarter valued at approximately $26,000. Flaharty Asset Management LLC acquired a new stake in Adobe in the 1st quarter valued at approximately $29,000. HHM Wealth Advisors LLC acquired a new stake in Adobe in the 1st quarter valued at approximately $30,000. Finally, Nexus Investment Management ULC acquired a new stake in Adobe in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 81.79% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the stock. Royal Bank Of Canada dropped their target price on shares of Adobe from $480.00 to $430.00 and set an "outperform" rating for the company in a report on Monday, September 8th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their target price for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Citigroup dropped their target price on shares of Adobe from $450.00 to $400.00 and set a "neutral" rating for the company in a report on Thursday, September 11th. Mizuho downgraded shares of Adobe from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 24th. Finally, Barclays boosted their price target on shares of Adobe from $460.00 to $465.00 and gave the stock an "overweight" rating in a research note on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $433.41.
Check Out Our Latest Stock Report on ADBE
Adobe Stock Performance
NASDAQ:ADBE opened at $354.12 on Friday. The company has a fifty day simple moving average of $351.74 and a two-hundred day simple moving average of $368.63. The company has a market cap of $148.23 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 1.59 and a beta of 1.49. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. Adobe Inc. has a 52 week low of $327.50 and a 52 week high of $557.90.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.18 by $0.13. The business had revenue of $5.99 billion during the quarter, compared to analysts' expectations of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $4.65 EPS. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
About Adobe
(
Free Report)
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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