Belpointe Asset Management LLC Trims Stake in Adobe Inc. $ADBE

Key Points

• Belpointe Asset Management LLC reduced its stake in Adobe Inc. by 30.5% during the second quarter, owning 1,956 shares with a value of $757,000 post-sale.
• Despite the decrease in Belpointe's holdings, other institutional investors, such as Valley National Advisers Inc. and Global Assets Advisory LLC, significantly increased their investments in Adobe during the same period.
• Adobe reported a 10.7% increase in quarterly revenue year-over-year, achieving earnings per share (EPS) of $5.31, exceeding analysts' expectations.

Belpointe Asset Management LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 30.5% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,956 shares of the software company's stock after selling 859 shares during the quarter. Belpointe Asset Management LLC's holdings in Adobe were worth $757,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Valley National Advisers Inc. lifted its stake in Adobe by 90.8% in the 2nd quarter. Valley National Advisers Inc. now owns 1,225 shares of the software company's stock valued at $474,000 after buying an additional 583 shares in the last quarter. PUREfi Wealth LLC raised its holdings in Adobe by 27.4% in the 2nd quarter. PUREfi Wealth LLC now owns 2,029 shares of the software company's stock valued at $785,000 after acquiring an additional 436 shares during the last quarter. Plimoth Trust Co. LLC raised its holdings in Adobe by 6.0% in the 2nd quarter. Plimoth Trust Co. LLC now owns 8,713 shares of the software company's stock valued at $3,371,000 after acquiring an additional 495 shares during the last quarter. DAVENPORT & Co LLC raised its holdings in Adobe by 0.5% in the 2nd quarter. DAVENPORT & Co LLC now owns 366,355 shares of the software company's stock valued at $141,638,000 after acquiring an additional 1,911 shares during the last quarter. Finally, Global Assets Advisory LLC raised its holdings in Adobe by 222.5% in the 2nd quarter. Global Assets Advisory LLC now owns 1,922 shares of the software company's stock valued at $754,000 after acquiring an additional 1,326 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.1%

Shares of NASDAQ ADBE opened at $348.77 on Thursday. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $557.90. The company has a market cap of $146.00 billion, a P/E ratio of 21.73, a P/E/G ratio of 1.56 and a beta of 1.49. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average price of $352.08 and a 200 day moving average price of $371.56.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.18 by $0.13. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The firm had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the firm earned $4.65 EPS. The firm's quarterly 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. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ADBE shares. Morgan Stanley downgraded Adobe from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $520.00 to $450.00 in a report on Wednesday, September 24th. Evercore ISI cut their price target on Adobe from $475.00 to $450.00 and set an "outperform" rating for the company in a report on Friday, September 12th. Oppenheimer cut their price target on Adobe from $500.00 to $460.00 and set an "outperform" rating for the company in a report on Tuesday, September 9th. Citigroup dropped their price objective on Adobe from $450.00 to $400.00 and set a "neutral" rating for the company in a report on Thursday, September 11th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Adobe in a report on Wednesday. One 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $433.41.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.