Citizens Financial Group Inc. RI acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,791 shares of the software company's stock, valued at approximately $8,773,000.
Several other large investors have also recently bought and sold shares of the stock. Nicholas Company Inc. raised its position in Adobe by 7.6% in the fourth quarter. Nicholas Company Inc. now owns 174,626 shares of the software company's stock worth $61,117,000 after acquiring an additional 12,400 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Adobe by 13.4% during the 4th quarter. Teacher Retirement System of Texas now owns 215,611 shares of the software company's stock valued at $75,462,000 after purchasing an additional 25,435 shares in the last quarter. Wealthfront Advisers LLC boosted its position in shares of Adobe by 13.2% during the 4th quarter. Wealthfront Advisers LLC now owns 55,179 shares of the software company's stock valued at $19,312,000 after purchasing an additional 6,426 shares in the last quarter. Orange Investment Advisors Inc. grew its stake in shares of Adobe by 21.6% in the 4th quarter. Orange Investment Advisors Inc. now owns 29,541 shares of the software company's stock worth $10,339,000 after purchasing an additional 5,254 shares during the last quarter. Finally, Milestone Asset Management LLC grew its stake in shares of Adobe by 426.2% in the 4th quarter. Milestone Asset Management LLC now owns 7,478 shares of the software company's stock worth $2,617,000 after purchasing an additional 6,057 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Insider Activity at Adobe
In other news, Director David A. Ricks bought 10,000 shares of the business's stock in a transaction on Thursday, June 25th. The shares were bought at an average cost of $194.51 per share, with a total value of $1,945,100.00. Following the purchase, the director directly owned 17,655 shares in the company, valued at $3,434,074.05. This trade represents a 130.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 416 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $264.33, for a total value of $109,961.28. Following the completion of the sale, the chief accounting officer owned 3,824 shares of the company's stock, valued at $1,010,797.92. The trade was a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.20% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently commented on the stock. Wall Street Zen lowered shares of Adobe from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Citigroup restated a "market perform" rating on shares of Adobe in a research report on Friday, June 12th. Evercore set a $225.00 price target on Adobe and gave the company an "in-line" rating in a report on Friday, June 12th. Citizens Jmp reissued a "market perform" rating on shares of Adobe in a research note on Friday, June 12th. Finally, JPMorgan Chase & Co. decreased their target price on Adobe from $420.00 to $340.00 and set an "overweight" rating on the stock in a report on Friday, June 12th. Seven equities research analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $269.81.
Get Our Latest Research Report on ADBE
Adobe Stock Performance
Shares of ADBE opened at $254.04 on Tuesday. The company has a 50-day moving average of $228.82 and a two-hundred day moving average of $245.32. The stock has a market cap of $100.98 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 0.89 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.75 and a quick ratio of 0.75. Adobe Inc. has a one year low of $190.12 and a one year high of $370.86.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 11th. The software company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.82 by $0.14. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.45 billion. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The firm's revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.06 earnings per share. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. On average, equities research analysts expect that Adobe Inc. will post 19.81 earnings per share for the current year.
Adobe announced that its Board of Directors has initiated a stock repurchase program on Tuesday, April 21st that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to purchase up to 24.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.
Adobe Profile
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Free Report)
Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.
The company's core offerings are organized around digital media and digital experience.
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