Corebridge Financial Inc. Sells 6,550 Shares of Adobe Inc. $ADBE

Key Points

• Corebridge Financial Inc. reduced its stake in Adobe Inc. by 4.6%, owning 136,618 shares valued at approximately $52.40 million after selling 6,550 shares.
• Several institutional investors, including Siemens Fonds Invest GmbH, increased their holdings in Adobe significantly, suggesting strong interest from the investment community.
• Adobe's stock has an average rating of "Moderate Buy" among analysts with a consensus price target of $467.58, despite some recent downgrades by certain firms.

Corebridge Financial Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 136,618 shares of the software company's stock after selling 6,550 shares during the quarter. Corebridge Financial Inc.'s holdings in Adobe were worth $52,397,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares during the period. Bank Pictet & Cie Europe AG grew its stake in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares during the period. Two Sigma Securities LLC grew its stake in shares of Adobe by 125.5% in the 4th quarter. Two Sigma Securities LLC now owns 1,227 shares of the software company's stock valued at $546,000 after purchasing an additional 6,039 shares during the period. Coldstream Capital Management Inc. grew its stake in shares of Adobe by 3.9% in the 4th quarter. Coldstream Capital Management Inc. now owns 11,644 shares of the software company's stock valued at $5,178,000 after purchasing an additional 441 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Adobe in the 4th quarter valued at approximately $2,374,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. UBS Group reduced their price objective on Adobe from $430.00 to $400.00 and set a "neutral" rating on the stock in a report on Friday. Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Evercore ISI reiterated an "outperform" rating and set a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Finally, Robert W. Baird raised their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $466.42.

Adobe Stock Performance

NASDAQ:ADBE traded up $1.30 during mid-day trading on Friday, hitting $355.26. The stock had a trading volume of 1,333,859 shares, compared to its average volume of 3,743,762. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. The stock has a market cap of $150.70 billion, a price-to-earnings ratio of 22.73, a PEG ratio of 1.69 and a beta of 1.51. The company's 50 day simple moving average is $364.33 and its 200 day simple moving average is $387.70. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the business posted $4.48 earnings per share. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Adobe has set its Q3 2025 guidance at 5.150-5.200 EPS. FY 2025 guidance at 20.500-20.700 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.