New Century Financial Group LLC Buys Shares of 3,106 Adobe Inc. $ADBE

Key Points

• New Century Financial Group LLC has acquired a new position in Adobe Inc., purchasing 3,106 shares valued at approximately $1.2 million, making Adobe its 22nd largest holding.
• Institutional investors and hedge funds currently own 81.79% of Adobe's stock, indicating strong trust from large financial entities in the company's potential.
• Adobe reported $5.31 earnings per share for the recent quarter, exceeding analysts' expectations and reflecting a significant year-over-year revenue growth of 10.7%.

New Century Financial Group LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 3,106 shares of the software company's stock, valued at approximately $1,202,000. Adobe accounts for approximately 1.4% of New Century Financial Group LLC's holdings, making the stock its 22nd biggest position.

Several other large investors have also bought and sold shares of the business. Assenagon Asset Management S.A. grew its holdings in 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 worth $1,202,979,000 after acquiring an additional 2,347,562 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Adobe by 68.3% during 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 purchasing an additional 1,856,544 shares during the period. Nuveen LLC acquired a new stake in shares of Adobe during the first quarter worth $607,443,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in 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 valued at $498,000 after purchasing an additional 1,216,351 shares during the last quarter. Finally, Amundi lifted its stake in Adobe by 24.7% in the first quarter. Amundi now owns 4,848,521 shares of the software company's stock valued at $1,782,642,000 after buying an additional 961,895 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADBE. DA Davidson reaffirmed a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, September 12th. Piper Sandler reduced their target price on Adobe from $500.00 to $470.00 and set an "overweight" rating on the stock in a report on Friday, September 12th. Citigroup dropped their price target on Adobe from $450.00 to $400.00 and set a "neutral" rating on the stock in a research report on Thursday, September 11th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Finally, Oppenheimer reduced 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. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $433.41.

Adobe Trading Up 2.3%

Shares of Adobe stock opened at $351.48 on Friday. The stock has a market cap of $147.13 billion, a P/E ratio of 21.90, a P/E/G ratio of 1.54 and a beta of 1.49. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $557.90. The business's 50 day moving average is $353.70 and its 200-day moving average is $372.68.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $5.91 billion. During the same period last year, the business earned $4.65 earnings per share. The firm's revenue was up 10.7% on a year-over-year basis. 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.

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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