Hartford Financial Management Inc. Sells 3,350 Shares of Adobe Inc. $ADBE

Key Points

• Hartford Financial Management Inc. has significantly reduced its stake in Adobe Inc. by 79.5%, selling 3,350 shares and holding 866 shares valued at approximately $335,000.
• Recent analysis by various institutions has led to lowered price targets for Adobe, with Oppenheimer setting a new target of $460 from $500, while Morgan Stanley reduced theirs to $450 from $520.
• Adobe's latest quarterly earnings showed a growth in revenue to $5.99 billion, exceeding estimates, and an EPS of $5.31, above the consensus of $5.18.

Hartford Financial Management Inc. trimmed its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 79.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 866 shares of the software company's stock after selling 3,350 shares during the period. Hartford Financial Management Inc.'s holdings in Adobe were worth $335,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of ADBE. 1248 Management LLC bought a new position in Adobe in the 1st quarter worth $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the first quarter worth about $26,000. Flaharty Asset Management LLC purchased a new stake in shares of Adobe during the first quarter worth about $29,000. HHM Wealth Advisors LLC purchased a new position in Adobe in the 1st quarter worth approximately $30,000. Finally, Nexus Investment Management ULC bought a new position in Adobe in the 2nd quarter worth approximately $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ADBE shares. Oppenheimer cut their target price on shares of Adobe from $500.00 to $460.00 and set an "outperform" rating for the company in a research note on Tuesday, September 9th. Morgan Stanley cut Adobe from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $520.00 to $450.00 in a report on Wednesday, September 24th. Wall Street Zen lowered Adobe from a "buy" rating to a "hold" rating in a research note on Saturday, October 18th. Piper Sandler reduced their price objective on Adobe from $500.00 to $470.00 and set an "overweight" rating on the stock in a research note on Friday, September 12th. Finally, Melius cut 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. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $433.41.

Adobe Trading Down 0.2%

NASDAQ ADBE opened at $353.52 on Friday. Adobe Inc. has a 12 month low of $327.50 and a 12 month high of $557.90. The company's 50-day moving average price is $351.71 and its 200-day moving average price is $368.72. The stock has a market cap of $147.98 billion, a PE ratio of 22.03, a PEG ratio of 1.59 and a beta of 1.49. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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 firm had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.Adobe's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $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. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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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