Palmer Knight Co Buys 7,426 Shares of Adobe Inc. $ADBE

Key Points

• Palmer Knight Co increased its stake in Adobe Inc. by 52.1% in Q2, purchasing an additional 7,426 shares to total 21,682 shares, with holdings valued at approximately $8.39 million.
• Adobe reported $5.31 EPS for the last quarter, exceeding expectations, with revenue of $5.99 billion reflecting a 10.7% year-over-year increase.
• Analysts have varied views on Adobe, with price targets ranging from $375 to $465, and an overall average rating currently at "Hold".

Palmer Knight Co raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 52.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,682 shares of the software company's stock after purchasing an additional 7,426 shares during the period. Adobe makes up approximately 3.6% of Palmer Knight Co's holdings, making the stock its 11th biggest position. Palmer Knight Co's holdings in Adobe were worth $8,388,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. 1248 Management LLC bought a new stake in Adobe in the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe in the 1st quarter valued at $26,000. Flaharty Asset Management LLC bought a new stake in Adobe in the 1st quarter valued at $29,000. HHM Wealth Advisors LLC bought a new stake in Adobe in the 1st quarter valued at $30,000. Finally, Nexus Investment Management ULC bought a new stake in Adobe in the 2nd quarter valued at $31,000. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 1.2%

Shares of Adobe stock opened at $333.26 on Friday. The stock has a market capitalization of $139.50 billion, a P/E ratio of 20.76, a price-to-earnings-growth ratio of 1.49 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. The company has a 50-day simple moving average of $350.99 and a 200 day simple moving average of $368.75. Adobe Inc. has a 12-month low of $327.50 and a 12-month high of $557.90.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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 analysts' expectations of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the company 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. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on ADBE. Wall Street Zen downgraded shares of Adobe from a "buy" rating to a "hold" rating in a report on Saturday. UBS Group reduced their price objective on shares of Adobe from $400.00 to $375.00 and set a "neutral" rating for the company in a report on Friday, September 12th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Friday, September 12th. Royal Bank Of Canada reduced their price objective on shares of Adobe from $480.00 to $430.00 and set an "outperform" rating for the company in a report on Monday, September 8th. Finally, Barclays raised their price objective on shares of Adobe from $460.00 to $465.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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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