Truist Financial Corp Decreases Stock Holdings in Adobe Inc. $ADBE

Key Points

• Truist Financial Corp has reduced its stake in Adobe Inc. by 21.2%, selling 38,960 shares, which leaves them with 144,412 shares valued at $55.87 million.
• Adobe's stock has been recently rated with varying perspectives from analysts, with upgrades leading to a current average rating of "Hold" and an average target price of $433.41.
• Adobe reported better-than-expected quarterly results, with earnings per share at $5.31, exceeding estimates by $0.13, and a revenue increase of 10.7% year-over-year.

Truist Financial Corp lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 144,412 shares of the software company's stock after selling 38,960 shares during the quarter. Truist Financial Corp's holdings in Adobe were worth $55,870,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ADBE. Brighton Jones LLC raised its position in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares during the period. Merit Financial Group LLC raised its position in shares of Adobe by 67.0% during the 1st quarter. Merit Financial Group LLC now owns 16,302 shares of the software company's stock valued at $6,252,000 after buying an additional 6,539 shares during the period. ST Germain D J Co. Inc. raised its position in shares of Adobe by 8.2% during the 1st quarter. ST Germain D J Co. Inc. now owns 4,245 shares of the software company's stock valued at $1,628,000 after buying an additional 323 shares during the period. HBW Advisory Services LLC increased its holdings in Adobe by 19.2% in the 1st quarter. HBW Advisory Services LLC now owns 1,097 shares of the software company's stock valued at $421,000 after purchasing an additional 177 shares during the last quarter. Finally, RFG Advisory LLC increased its holdings in Adobe by 72.9% in the 1st quarter. RFG Advisory LLC now owns 2,702 shares of the software company's stock valued at $1,036,000 after purchasing an additional 1,139 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. TD Cowen dropped their target price on shares of Adobe from $470.00 to $420.00 and set a "hold" rating for the company in a report on Friday, September 12th. Barclays lifted their target price on shares of Adobe from $460.00 to $465.00 and gave the company an "overweight" rating in a report on Friday, September 12th. Finally, Redburn Partners set a $280.00 target price on shares of Adobe in a report on Monday, September 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $433.41.

Adobe Price Performance

Adobe stock opened at $343.72 on Thursday. The stock has a market cap of $143.88 billion, a P/E ratio of 21.42, a price-to-earnings-growth ratio of 1.58 and a beta of 1.49. The company has a fifty day simple moving average of $354.11 and a 200-day simple moving average of $373.01. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $557.90. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $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. Equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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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