Rafferty Asset Management LLC Cuts Stock Position in Adobe Inc. $ADBE

Key Points

• Rafferty Asset Management LLC reduced its holdings in Adobe Inc. by 15.9%, selling 28,757 shares during the first quarter, bringing their ownership down to approximately $58.16 million.
• Adobe's stock ratings have fluctuated, with various brokerages adjusting their targets; Citigroup lowered its price target from $465 to $450, while Redburn Atlantic downgraded the stock from a "hold" to a "strong sell" with a new target of $280.
• Adobe reported better-than-expected quarterly earnings of $5.06 per share, surpassing analysts' estimates, and had a revenue of $5.87 billion, a 10.6% increase year-over-year.

Rafferty Asset Management LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 15.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 151,645 shares of the software company's stock after selling 28,757 shares during the period. Rafferty Asset Management LLC's holdings in Adobe were worth $58,160,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Garde Capital Inc. purchased a new position in Adobe in the first quarter worth $34,000. PFG Advisors raised its stake in shares of Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after buying an additional 855 shares during the period. Krane Funds Advisors LLC raised its stake in shares of Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after buying an additional 730 shares during the period. Financial Counselors Inc. raised its stake in shares of Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after buying an additional 5,298 shares during the period. Finally, Koss Olinger Consulting LLC bought a new stake in shares of Adobe in the first quarter valued at $305,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADBE. Wall Street Zen lowered Adobe from a "buy" rating to a "hold" rating in a research note on Friday. Citigroup lowered their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Stifel Nicolaus lowered their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and lowered their target price for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, BMO Capital Markets restated an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $467.58.

Adobe Price Performance

ADBE opened at $363.21 on Tuesday. The stock has a 50-day moving average price of $365.80 and a 200-day moving average price of $388.83. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $154.07 billion, a P/E ratio of 23.24, a PEG ratio of 1.72 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%.The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the business earned $4.48 EPS. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. Adobe has set its Q3 2025 guidance at 5.150-5.200 EPS. FY 2025 guidance at 20.500-20.700 EPS. Equities 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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