Procyon Advisors LLC Reduces Stake in Adobe Inc. $ADBE

Key Points

• Procyon Advisors LLC has reduced its stake in Adobe Inc. by 34.2% during the second quarter, holding 4,411 shares valued at approximately $1.7 million.
• Several institutional investors, including Vanguard Group and Bank of New York Mellon, have increased their positions in Adobe, with a notable 81.79% of the stock now owned by hedge funds and institutional investors.
• Adobe's recent quarterly earnings surpassed expectations with $5.31 earnings per share, contributing to an anticipated revenue growth of 10.7% compared to the previous year.

Procyon Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,411 shares of the software company's stock after selling 2,288 shares during the period. Procyon Advisors LLC's holdings in Adobe were worth $1,706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Adobe by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after buying an additional 171,547 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Adobe by 2.4% during 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 valued at $2,097,289,000 after purchasing an additional 126,688 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Finally, Amundi lifted its position in Adobe by 24.7% during the first quarter. Amundi now owns 4,848,521 shares of the software company's stock valued at $1,782,642,000 after purchasing an additional 961,895 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of several analyst reports. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. TD Cowen lowered their target price on Adobe from $470.00 to $420.00 and set a "hold" rating on the stock in a research report on Friday, September 12th. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Friday, September 12th. Finally, Oppenheimer decreased their price target on Adobe from $500.00 to $460.00 and set an "outperform" rating on the stock in a report on Tuesday, September 9th. One equities research 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 stock. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $435.63.

Adobe Trading Up 1.6%

Shares of NASDAQ ADBE opened at $352.73 on Wednesday. The business's 50 day moving average is $356.13 and its two-hundred day moving average is $378.15. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 0.99. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $557.90. The stock has a market capitalization of $149.63 billion, a P/E ratio of 21.98, a PEG ratio of 1.57 and a beta of 1.48.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, September 11th. The software company reported $5.31 earnings per share for the quarter, topping the consensus estimate of $5.18 by $0.13. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The company had revenue of $5.99 billion for the quarter, compared to analysts' expectations of $5.91 billion. During the same period in the previous year, the firm posted $4.65 earnings per share. The firm's revenue for the quarter 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. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Adobe Company 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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