Harbour Trust & Investment Management Co Lowers Position in Adobe Inc. $ADBE

Key Points

• Harbour Trust & Investment Management Co has reduced its stake in Adobe Inc. by 3.9%, holding 20,829 shares valued at approximately $8 million after selling 843 shares in the second quarter.
• Adobe reported $5.31 earnings per share, surpassing analyst estimates, with revenue of $5.99 billion, reflecting a 10.7% increase year-over-year.
• Recent analyst ratings show a mix of downgrades and upgrades, with the average price target for Adobe stock now at $433.41.

Harbour Trust & Investment Management Co decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,829 shares of the software company's stock after selling 843 shares during the period. Harbour Trust & Investment Management Co's holdings in Adobe were worth $8,058,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. RFG Advisory LLC boosted its holdings in shares of Adobe by 146.0% in the second quarter. RFG Advisory LLC now owns 6,648 shares of the software company's stock valued at $2,572,000 after acquiring an additional 3,946 shares in the last quarter. Axxcess Wealth Management LLC boosted its holdings in Adobe by 17.0% during the second quarter. Axxcess Wealth Management LLC now owns 4,398 shares of the software company's stock worth $1,701,000 after buying an additional 639 shares in the last quarter. Moran Wealth Management LLC boosted its holdings in Adobe by 8.7% during the second quarter. Moran Wealth Management LLC now owns 1,524 shares of the software company's stock worth $590,000 after buying an additional 122 shares in the last quarter. Verdence Capital Advisors LLC boosted its holdings in Adobe by 20.7% during the second quarter. Verdence Capital Advisors LLC now owns 4,862 shares of the software company's stock worth $1,881,000 after buying an additional 833 shares in the last quarter. Finally, Wealth Architects LLC boosted its holdings in Adobe by 9.8% during the second quarter. Wealth Architects LLC now owns 1,096 shares of the software company's stock worth $424,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Shares of ADBE opened at $339.32 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock has a market cap of $142.04 billion, a P/E ratio of 21.14, a PEG ratio of 1.51 and a beta of 1.49. The company has a 50-day moving average of $351.68 and a two-hundred day moving average of $370.09. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $557.90.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, September 11th. The software company reported $5.31 earnings per share 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 analyst estimates of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The company's revenue was up 10.7% on a year-over-year basis. During the same quarter 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. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research analyst reports. Melius downgraded shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective on the stock. in a report on Monday, August 11th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their price objective for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Morgan Stanley cut shares of Adobe from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $520.00 to $450.00 in a research report on Wednesday, September 24th. Finally, Piper Sandler cut their target price on shares of Adobe from $500.00 to $470.00 and set an "overweight" rating for the company in a research report on Friday, September 12th. One 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 assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average 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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