Eastern Bank Sells 1,235 Shares of Adobe Inc. $ADBE

Key Points

• Eastern Bank has decreased its stake in Adobe Inc. by 21.9%, now holding 4,405 shares worth approximately $1.7 million.
• Institutional investors collectively own 81.79% of Adobe's stock, with notable increases in holdings from Assenagon Asset Management S.A. and Goldman Sachs Group Inc.
• Adobe surpassed earnings expectations in its latest report, posting $5.31 EPS compared to a consensus of $5.18, and anticipates a 20.800-20.850 EPS for FY 2025 guidance.

Eastern Bank trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 4,405 shares of the software company's stock after selling 1,235 shares during the period. Eastern Bank's holdings in Adobe were worth $1,704,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its position in shares of Adobe by 308.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,109,436 shares of the software company's stock valued at $1,202,979,000 after acquiring an additional 2,347,562 shares during the period. Goldman Sachs Group Inc. grew its position in shares of 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 acquiring an additional 1,856,544 shares during the period. Nuveen LLC bought a new position in shares of Adobe during the 1st quarter valued at approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of 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 acquiring an additional 1,216,351 shares during the period. Finally, Amundi grew its position in shares of 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 acquiring an additional 961,895 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $337.51 on Friday. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $557.90. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $141.28 billion, a PE ratio of 21.03, a P/E/G ratio of 1.51 and a beta of 1.49. The company's 50 day simple moving average is $351.67 and its two-hundred day simple moving average is $370.59.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Evercore ISI reduced their target price on shares of Adobe from $475.00 to $450.00 and set an "outperform" rating for the company in a research report on Friday, September 12th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Adobe in a report on Wednesday. Oppenheimer cut their price objective on shares of Adobe from $500.00 to $460.00 and set an "outperform" rating for the company in a report on Tuesday, September 9th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $500.00 price objective on shares of Adobe in a report on Friday, September 12th. One equities research 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. According to MarketBeat.com, Adobe currently has an average rating of "Hold" and a consensus target price of $433.41.

About Adobe

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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