Adobe Inc. $ADBE Shares Sold by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. reduced its holdings in Adobe Inc. by 47.7% in Q2, now holding 8,361 shares worth $3,235,000.
• Analysts have downgraded Adobe's target prices, with Citigroup lowering it from $450.00 to $400.00 and Morgan Stanley from $520.00 to $450.00, indicating a shift in market sentiment.
• Adobe reported $5.31 earnings per share for the last quarter, surpassing expectations, and its revenue rose by 10.7% year-over-year to $5.99 billion.

Congress Asset Management Co. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 47.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,361 shares of the software company's stock after selling 7,631 shares during the period. Congress Asset Management Co.'s holdings in Adobe were worth $3,235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Meyer Handelman Co. increased its position in Adobe by 35.6% during the 2nd quarter. Meyer Handelman Co. now owns 22,460 shares of the software company's stock worth $8,689,000 after purchasing an additional 5,900 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its stake in shares of Adobe by 25.4% during the second quarter. Bank Pictet & Cie Europe AG now owns 28,445 shares of the software company's stock valued at $11,005,000 after buying an additional 5,763 shares during the period. PineStone Asset Management Inc. grew its stake in Adobe by 13.2% in the 2nd quarter. PineStone Asset Management Inc. now owns 327,214 shares of the software company's stock worth $126,593,000 after acquiring an additional 38,276 shares during the period. Fortune Financial Advisors LLC raised its holdings in Adobe by 2.5% in the 2nd quarter. Fortune Financial Advisors LLC now owns 2,529 shares of the software company's stock valued at $978,000 after acquiring an additional 61 shares during the last quarter. Finally, Essex Financial Services Inc. lifted its stake in shares of Adobe by 7.1% during the 2nd quarter. Essex Financial Services Inc. now owns 8,221 shares of the software company's stock worth $3,181,000 after purchasing an additional 543 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. Citigroup reduced their target price on Adobe from $450.00 to $400.00 and set a "neutral" rating on the stock in a research report on Thursday, September 11th. Morgan Stanley lowered shares of Adobe from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $520.00 to $450.00 in a research report on Wednesday. Piper Sandler dropped their price objective on Adobe from $500.00 to $470.00 and set an "overweight" rating for the company in a report on Friday, September 12th. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, DA Davidson restated a "buy" rating and issued a $500.00 price objective on shares of Adobe in a report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of "Hold" and an average target price of $433.41.

Adobe Price Performance

Shares of ADBE stock opened at $360.37 on Friday. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $557.90. The company has a market capitalization of $150.85 billion, a PE ratio of 22.45, a price-to-earnings-growth ratio of 1.62 and a beta of 1.48. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $355.25 and a 200-day simple moving average of $373.63.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, September 11th. The software company reported $5.31 earnings per share for the quarter, beating analysts' consensus estimates of $5.18 by $0.13. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The company had revenue of $5.99 billion during the quarter, compared to analysts' expectations of $5.91 billion. During the same period in the prior year, the company posted $4.65 EPS. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.

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