Atlantic Edge Private Wealth Management LLC Sells 765 Shares of Adobe Inc. $ADBE

Key Points

• Atlantic Edge Private Wealth Management LLC reduced its stake in Adobe Inc. by 14.6%, selling 765 shares and now holding 4,476 shares valued at approximately $1.73 million.
• Adobe's stock price saw an increase of 3.0% following a recent earnings report, where it surpassed earnings estimates and posted a year-over-year revenue increase of 10.7%.
• Despite positive quarterly results, several brokerages downgraded Adobe's stock rating, with Citigroup and Melius setting new price targets of $400.00 and $310.00, respectively.

Atlantic Edge Private Wealth Management LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,476 shares of the software company's stock after selling 765 shares during the quarter. Atlantic Edge Private Wealth Management LLC's holdings in Adobe were worth $1,732,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. 1248 Management LLC bought a new position in shares of Adobe during the 1st quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the 1st quarter worth approximately $26,000. Flaharty Asset Management LLC bought a new position in shares of Adobe during the 1st quarter worth approximately $29,000. HHM Wealth Advisors LLC bought a new position in shares of Adobe during the 1st quarter worth approximately $30,000. Finally, Nexus Investment Management ULC bought a new position in shares of Adobe during the 2nd quarter worth approximately $31,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 3.0%

NASDAQ ADBE opened at $343.40 on Tuesday. The stock has a fifty day moving average of $351.18 and a 200-day moving average of $368.72. The stock has a market capitalization of $143.75 billion, a P/E ratio of 21.40, a price-to-earnings-growth ratio of 1.49 and a beta of 1.49. Adobe Inc. has a 52 week low of $327.50 and a 52 week high of $557.90. 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 (NASDAQ:ADBE - Get Free Report) last released 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 company had revenue of $5.99 billion during the quarter, compared to analysts' expectations of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The business's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the firm 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. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADBE. Citigroup cut their price objective on Adobe from $450.00 to $400.00 and set a "neutral" rating for the company in a research report on Thursday, September 11th. Melius downgraded Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective for the company. in a research report on Monday, August 11th. Redburn Partners set a $280.00 price objective on Adobe in a research report on Monday, September 1st. Morgan Stanley downgraded Adobe from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $520.00 to $450.00 in a research report on Wednesday, September 24th. Finally, Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and cut their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $433.41.

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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