Eastern Bank Lowers Holdings in Adobe Inc. $ADBE

Eastern Bank lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 21.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,405 shares of the software company’s stock after selling 1,235 shares during the quarter. Eastern Bank’s holdings in Adobe were worth $1,704,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Garde Capital Inc. purchased a new stake in shares of Adobe during the 1st quarter valued at $34,000. PFG Advisors raised its position in shares of Adobe by 20.8% during the 1st 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 in the last quarter. Krane Funds Advisors LLC raised its position in shares of Adobe by 110.4% during the 1st 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 in the last quarter. Financial Counselors Inc. raised its position in shares of Adobe by 9.2% during the 1st 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 in the last quarter. Finally, Koss Olinger Consulting LLC bought a new position in shares of Adobe during the 1st quarter valued at $305,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.9%

NASDAQ ADBE opened at $337.51 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $141.28 billion, a PE ratio of 21.03, a PEG ratio of 1.51 and a beta of 1.49. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $557.90. The business’s 50-day moving average is $351.67 and its 200 day moving average is $370.59.

Adobe (NASDAQ:ADBE) last posted its earnings results 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 company had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.Adobe’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm 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. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ADBE shares. BMO Capital Markets reduced their target price on shares of Adobe from $450.00 to $405.00 and set an “outperform” rating on the stock in a report on Friday, September 12th. UBS Group reduced their target price on shares of Adobe from $400.00 to $375.00 and set a “neutral” rating on the stock in a report on Friday, September 12th. Barclays increased 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. JMP Securities reaffirmed a “market perform” rating on shares of Adobe 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 research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price 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.