Canoe Financial LP Sells 209,407 Shares of Adobe Inc. $ADBE

Key Points

• Canoe Financial LP has significantly reduced its stake in Adobe Inc. by 86.2%, now holding only 33,518 shares after selling 209,407 shares during the second quarter.
• Several analyst firms have downgraded their price targets for Adobe, with Oppenheimer reducing its target from $500 to $460, while Citigroup lowered theirs from $450 to $400, indicating a trend of caution among analysts.
• Adobe reported quarterly earnings of $5.31 per share, surpassing expectations, with a revenue of $5.99 billion, reflecting a 10.7% increase compared to the same quarter last year.

Canoe Financial LP decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 86.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,518 shares of the software company's stock after selling 209,407 shares during the period. Canoe Financial LP's holdings in Adobe were worth $12,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC raised its position in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after buying an additional 1,856,544 shares in the last quarter. Nuveen LLC bought a new position in Adobe during the 1st quarter valued at approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd increased its position in Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after buying an additional 1,216,351 shares in the last quarter. Finally, Amundi increased its position in Adobe by 24.7% during the 1st quarter. Amundi now owns 4,848,521 shares of the software company's stock valued at $1,782,642,000 after buying an additional 961,895 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded down $3.74 during trading hours on Monday, hitting $362.16. The company's stock had a trading volume of 2,005,300 shares, compared to its average volume of 3,945,041. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $557.90. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.99 and a current ratio of 1.02. The business has a 50 day moving average price of $355.88 and a two-hundred day moving average price of $375.99. The company has a market cap of $153.63 billion, a PE ratio of 22.57, a PEG ratio of 1.64 and a beta of 1.48.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results 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. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The firm had revenue of $5.99 billion for the quarter, compared to analysts' expectations of $5.91 billion. During the same period in the previous year, the firm posted $4.65 earnings per share. The business's 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. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. Citigroup reduced 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. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Redburn Partners set a $280.00 target price on Adobe in a report on Monday, September 1st. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a report on Wednesday, July 2nd. Finally, Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $435.63.

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.