Three Bridge Wealth Advisors LLC Sells 737 Shares of Adobe Inc. $ADBE

Key Points

• Three Bridge Wealth Advisors LLC cut its stake in Adobe Inc. by 52.5% in Q2 2023, holding 666 shares valued at approximately $258,000 after selling 737 shares.
• Various institutional investors have increased their positions in Adobe, with Merit Financial Group LLC raising its stake by 72.9% during the same quarter.
• Adobe reported earnings of $5.31 per share for the previous quarter, surpassing analyst expectations and showing a 10.7% year-over-year revenue increase.

Three Bridge Wealth Advisors LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 52.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 666 shares of the software company's stock after selling 737 shares during the quarter. Three Bridge Wealth Advisors LLC's holdings in Adobe were worth $258,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Merit Financial Group LLC increased its stake in Adobe by 72.9% in the 2nd quarter. Merit Financial Group LLC now owns 28,182 shares of the software company's stock worth $10,903,000 after acquiring an additional 11,880 shares during the last quarter. Gemmer Asset Management LLC increased its stake in Adobe by 8.4% in the 2nd quarter. Gemmer Asset Management LLC now owns 1,643 shares of the software company's stock worth $636,000 after acquiring an additional 128 shares during the last quarter. Marietta Wealth Management LLC increased its stake in Adobe by 3.1% in the 2nd quarter. Marietta Wealth Management LLC now owns 21,996 shares of the software company's stock worth $8,510,000 after acquiring an additional 670 shares during the last quarter. Iron Horse Wealth Management LLC increased its stake in Adobe by 162.3% in the 2nd quarter. Iron Horse Wealth Management LLC now owns 160 shares of the software company's stock worth $62,000 after acquiring an additional 99 shares during the last quarter. Finally, Simplicity Wealth LLC boosted its holdings in shares of Adobe by 85.4% in the 2nd quarter. Simplicity Wealth LLC now owns 4,840 shares of the software company's stock worth $1,872,000 after purchasing an additional 2,229 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

NASDAQ:ADBE opened at $346.74 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $145.15 billion, a P/E ratio of 21.60, a P/E/G ratio of 1.55 and a beta of 1.49. 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 $353.22 and its 200 day moving average is $372.26.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, September 11th. The software company reported $5.31 EPS for the quarter, topping analysts' consensus estimates of $5.18 by $0.13. The company had revenue of $5.99 billion for 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 firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $4.65 earnings per share. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Citigroup decreased their target price on Adobe from $450.00 to $400.00 and set a "neutral" rating for the company in a research report on Thursday, September 11th. Robert W. Baird increased their target price on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. UBS Group reduced their price objective on Adobe from $400.00 to $375.00 and set a "neutral" rating for the company in a research report on Friday, September 12th. Melius lowered Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective for the company. in a research report on Monday, August 11th. Finally, Stifel Nicolaus reduced their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. 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 issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $433.41.

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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