Cove Private Wealth LLC Purchases 970 Shares of Adobe Inc. $ADBE

Key Points

• Cove Private Wealth LLC increased its stake in Adobe Inc. by 28.7% during the second quarter, purchasing an additional 970 shares to bring its total holdings to 4,349 shares, valued at approximately $1.68 million.
• Several large institutional investors have made significant acquisitions of Adobe shares, with GAMMA Investing LLC increasing its stake by over 46,800% in the first quarter alone, and institutional ownership now stands at 81.79%.
• Adobe reported a strong earnings quarter, with an EPS of $5.31, surpassing estimates, and its revenue grew by 10.7% year-over-year, prompting analysts to raise price targets for the stock.

Cove Private Wealth LLC grew its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,349 shares of the software company's stock after purchasing an additional 970 shares during the quarter. Cove Private Wealth LLC's holdings in Adobe were worth $1,683,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ADBE. GAMMA Investing LLC grew its stake in shares of Adobe by 46,806.6% in the first 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 during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Adobe by 308.1% in the second quarter. Assenagon Asset Management S.A. now owns 3,109,436 shares of the software company's stock worth $1,202,979,000 after acquiring an additional 2,347,562 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after acquiring an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Adobe in the first quarter worth $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after acquiring an additional 1,216,351 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 1.8%

Shares of NASDAQ:ADBE opened at $360.37 on Friday. Adobe Inc. has a 52 week low of $330.04 and a 52 week 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 company's fifty day moving average is $355.25 and its 200-day moving average is $374.08. The company has a market capitalization of $150.85 billion, a PE ratio of 22.45, a P/E/G ratio of 1.59 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 EPS for the quarter, beating the consensus estimate of $5.18 by $0.13. The company had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company 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. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ADBE. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. Barclays raised their price objective on shares of Adobe from $460.00 to $465.00 and gave the stock an "overweight" rating in a research note on Friday, September 12th. Robert W. Baird lifted their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Friday, September 12th. Finally, Citigroup decreased their price target on shares of Adobe from $450.00 to $400.00 and set a "neutral" rating on the stock in a research note on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target 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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