Adobe Inc. $ADBE Shares Bought by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management LLC increased its stake in Adobe by 9.4%, acquiring an additional 2,872 shares, bringing its total to 33,274 shares valued at $12.62 million.
• Analyst ratings for Adobe vary, with one rating it as a "Strong Buy" while others have downgraded their price targets significantly, reflecting differing expectations for the stock's performance.
• Adobe's recent quarterly earnings exceeded estimates, reporting $5.31 EPS and $5.99 billion in revenue, marking a year-over-year revenue growth of 10.7%.

NorthCrest Asset Manangement LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,274 shares of the software company's stock after buying an additional 2,872 shares during the period. NorthCrest Asset Manangement LLC's holdings in Adobe were worth $12,621,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in 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 acquiring an additional 171,547 shares during the period. Bank of New York Mellon Corp grew its position in Adobe by 14.4% in the first 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 acquiring an additional 821,293 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Adobe by 2.4% in the first 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 acquiring an additional 126,688 shares during the period. Amundi grew its position in Adobe by 24.7% in the first quarter. Amundi now owns 4,848,521 shares of the software company's stock worth $1,782,642,000 after acquiring an additional 961,895 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Adobe by 68.3% in 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 acquiring an additional 1,856,544 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Citigroup lowered their price target on Adobe from $450.00 to $400.00 and set a "neutral" rating for the company in a research report on Thursday, September 11th. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a research report on Wednesday, July 2nd. Piper Sandler lowered their price target on Adobe from $500.00 to $470.00 and set an "overweight" rating for the company in a research report on Friday, September 12th. Stifel Nicolaus lowered their price target on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Finally, BMO Capital Markets lowered their price target on Adobe from $450.00 to $405.00 and set an "outperform" rating for the company in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $435.63.

Adobe Stock Performance

ADBE traded up $5.39 on Thursday, hitting $367.46. 4,744,641 shares of the company traded hands, compared to its average volume of 4,858,876. The company has a 50 day moving average of $355.83 and a 200-day moving average of $377.53. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $155.88 billion, a PE ratio of 22.89, a PEG ratio of 1.62 and a beta of 1.48. 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 issued its earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.18 by $0.13. The business had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $4.65 EPS. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. Sell-side analysts anticipate 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.