Adobe Inc. $ADBE Shares Sold by Convergence Financial LLC

Convergence Financial LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 30.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 851 shares of the software company’s stock after selling 378 shares during the quarter. Convergence Financial LLC’s holdings in Adobe were worth $329,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. PFG Advisors increased its stake in Adobe by 20.8% during the 1st quarter. PFG Advisors now owns 4,964 shares of the software company’s stock worth $1,904,000 after buying an additional 855 shares in the last quarter. Lathrop Investment Management Co. increased its position in shares of Adobe by 2.8% during the second quarter. Lathrop Investment Management Co. now owns 26,544 shares of the software company’s stock worth $10,269,000 after purchasing an additional 718 shares in the last quarter. Mcdaniel Terry & Co. raised its stake in Adobe by 2.8% in the 2nd quarter. Mcdaniel Terry & Co. now owns 39,507 shares of the software company’s stock valued at $15,284,000 after purchasing an additional 1,093 shares during the last quarter. Jackson Thornton Wealth Management LLC purchased a new position in Adobe in the 2nd quarter valued at $328,000. Finally, Koss Olinger Consulting LLC purchased a new position in Adobe in the 1st quarter valued at $305,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.1%

ADBE stock opened at $335.53 on Thursday. Adobe Inc. has a one year low of $327.50 and a one year high of $557.90. The firm has a market cap of $140.45 billion, a PE ratio of 20.91, a PEG ratio of 1.51 and a beta of 1.49. The firm’s 50 day moving average price is $349.35 and its 200-day moving average price is $368.49. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02.

Adobe (NASDAQ:ADBE) 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 during the quarter, compared to analyst estimates of $5.91 billion. During the same period in the prior year, the business posted $4.65 earnings per share. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. 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 anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ADBE shares. UBS Group dropped their target price on shares of Adobe from $400.00 to $375.00 and set a “neutral” rating for the company in a report on Friday, September 12th. Oppenheimer dropped their price objective on shares of Adobe from $500.00 to $460.00 and set an “outperform” rating for the company in a research note on Tuesday, September 9th. Melius lowered shares of Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price on the stock. in a research note on Monday, August 11th. Barclays set a $465.00 price target on Adobe and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Adobe in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $433.41.

Insider Activity

In related news, CAO Jillian Forusz sold 149 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $337.88, for a total value of $50,344.12. Following the sale, the chief accounting officer directly owned 3,426 shares in the company, valued at approximately $1,157,576.88. The trade was a 4.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.16% of the company’s stock.

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.