DAVENPORT & Co LLC Buys 1,911 Shares of Adobe Inc. $ADBE

Key Points

• DAVENPORT & Co LLC increased its stake in Adobe Inc. by 0.5%, acquiring an additional 1,911 shares, bringing their total ownership to 366,355 shares valued at approximately $141.6 million.
• Adobe reported strong quarterly results, with an EPS of $5.31, surpassing estimates, and a revenue of $5.99 billion, reflecting a 10.7% year-over-year increase.
• Institutional investors currently hold 81.79% of Adobe’s stock, demonstrating significant interest from major financial entities in the company’s potential growth.

DAVENPORT & Co LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 366,355 shares of the software company's stock after acquiring an additional 1,911 shares during the period. DAVENPORT & Co LLC owned 0.09% of Adobe worth $141,638,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Vanguard Group Inc. increased its stake in shares of Adobe by 0.4% in the first quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after purchasing an additional 171,547 shares during the period. Bank of New York Mellon Corp increased its position in Adobe by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after buying an additional 821,293 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Adobe by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,468,383 shares of the software company's stock worth $2,097,289,000 after buying an additional 126,688 shares during the period. Amundi lifted its holdings in shares of Adobe by 24.7% during the first quarter. Amundi now owns 4,848,521 shares of the software company's stock worth $1,782,642,000 after buying an additional 961,895 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position 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 valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 1.3%

Shares of ADBE opened at $346.74 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $145.15 billion, a price-to-earnings ratio of 21.60, a PEG ratio of 1.55 and a beta of 1.49. The stock has a fifty day moving average price of $353.22 and a two-hundred day moving average price of $372.14. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $557.90.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.18 by $0.13. The business had revenue of $5.99 billion during the quarter, compared to analysts' expectations of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business posted $4.65 earnings per share. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. Analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Piper Sandler reduced their price target on shares of Adobe from $500.00 to $470.00 and set an "overweight" rating for the company in a report on Friday, September 12th. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Friday, September 12th. TD Cowen cut their price objective on shares of Adobe from $470.00 to $420.00 and set a "hold" rating for the company in a research report on Friday, September 12th. Finally, Stifel Nicolaus reduced their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price 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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