Adobe Inc. $ADBE Shares Sold by Independence Bank of Kentucky

Key Points

• Independence Bank of Kentucky reduced its stake in Adobe Inc. by 32.7% during the second quarter, now holding shares worth approximately $1.1 million.
• A variety of institutional investors have adjusted their positions in Adobe, with some acquiring new stakes and others significantly increasing their ownership percentages.
• Wall Street analysts have mixed ratings on Adobe, with price targets ranging from $280 to $475, reflecting varying outlooks on the company's future performance.

Independence Bank of Kentucky lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,835 shares of the software company's stock after selling 1,378 shares during the period. Independence Bank of Kentucky's holdings in Adobe were worth $1,097,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Smith Salley Wealth Management acquired a new stake in shares of Adobe during the second quarter valued at $245,000. Addenda Capital Inc. boosted its stake in shares of Adobe by 2.0% during the second quarter. Addenda Capital Inc. now owns 33,753 shares of the software company's stock valued at $13,058,000 after acquiring an additional 653 shares during the last quarter. City Holding Co. boosted its stake in shares of Adobe by 410.2% during the second quarter. City Holding Co. now owns 250 shares of the software company's stock valued at $97,000 after acquiring an additional 201 shares during the last quarter. Symmetry Partners LLC acquired a new stake in shares of Adobe during the second quarter valued at $244,000. Finally, Camelot Portfolios LLC boosted its stake in Adobe by 41.8% in the 2nd quarter. Camelot Portfolios LLC now owns 1,521 shares of the software company's stock worth $588,000 after buying an additional 448 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Bank of America raised their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Oppenheimer decreased their price target on Adobe from $500.00 to $460.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 9th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Piper Sandler decreased their price target on Adobe from $500.00 to $470.00 and set an "overweight" rating on the stock in a research note on Friday, September 12th. Finally, Morgan Stanley lowered Adobe from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $520.00 to $450.00 in a research note on Wednesday, September 24th. One equities research 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 given a Sell rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Hold" and an average price target of $433.41.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $360.37 on Monday. The company has a market cap of $150.85 billion, a P/E ratio of 22.45, a PEG ratio of 1.62 and a beta of 1.48. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02. Adobe Inc. has a one year low of $330.04 and a one year high of $557.90. The business's 50-day simple moving average is $355.25 and its 200 day simple moving average is $373.60.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, September 11th. The software company reported $5.31 EPS for the quarter, beating the consensus estimate of $5.18 by $0.13. The business had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The company's revenue was up 10.7% on a year-over-year basis. During the same period last year, the business posted $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. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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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