Canandaigua National Bank & Trust Co. purchased a new position in Adobe Inc. (NASDAQ:ADBE – Free Report) in the second quarter, Holdings Channel reports. The fund purchased 5,233 shares of the software company’s stock, valued at approximately $1,073,000.
Several other institutional investors have also made changes to their positions in ADBE. Norges Bank purchased a new stake in Adobe in the 4th quarter worth approximately $2,275,165,000. AQR Capital Management LLC raised its holdings in shares of Adobe by 55.2% during the third quarter. AQR Capital Management LLC now owns 2,587,399 shares of the software company’s stock worth $912,705,000 after acquiring an additional 920,353 shares in the last quarter. Amundi raised its holdings in shares of Adobe by 17.9% during the third quarter. Amundi now owns 4,888,283 shares of the software company’s stock worth $1,711,583,000 after acquiring an additional 742,646 shares in the last quarter. State of Michigan Retirement System boosted its position in Adobe by 566.1% during the first quarter. State of Michigan Retirement System now owns 820,823 shares of the software company’s stock valued at $199,526,000 after purchasing an additional 697,600 shares during the last quarter. Finally, AMF Tjanstepension AB purchased a new position in Adobe in the first quarter valued at about $167,494,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on ADBE shares. Summit Redstone set a $350.00 price target on Adobe in a report on Friday, April 17th. DA Davidson cut their price objective on shares of Adobe from $300.00 to $250.00 and set a “buy” rating on the stock in a research report on Friday, June 12th. UBS Group cut shares of Adobe from a “buy” rating to an “equal weight” rating in a research note on Tuesday, July 21st. TD Cowen decreased their target price on shares of Adobe from $310.00 to $285.00 and set a “hold” rating for the company in a research report on Monday, June 8th. Finally, Barclays cut their price target on shares of Adobe from $275.00 to $250.00 and set an “equal weight” rating on the stock in a report on Friday, June 12th. Seven analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $271.30.
Insider Activity
In related news, Director David A. Ricks bought 10,000 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was acquired at an average cost of $194.51 per share, with a total value of $1,945,100.00. Following the acquisition, the director owned 17,655 shares in the company, valued at approximately $3,434,074.05. This represents a 130.63% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 416 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $264.33, for a total transaction of $109,961.28. Following the completion of the sale, the chief accounting officer owned 3,824 shares in the company, valued at $1,010,797.92. This represents a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.20% of the company’s stock.
Adobe Stock Up 0.7%
Shares of ADBE stock opened at $259.32 on Thursday. The stock has a 50 day moving average of $227.59 and a 200-day moving average of $247.22. The firm has a market cap of $103.08 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 0.87 and a beta of 1.40. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.42. Adobe Inc. has a 12 month low of $190.12 and a 12 month high of $370.86.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings data on Thursday, June 11th. The software company reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $5.82 by $0.14. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the business earned $5.06 earnings per share. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. On average, equities analysts predict that Adobe Inc. will post 19.81 EPS for the current year.
Adobe declared that its Board of Directors has approved a share buyback plan on Tuesday, April 21st that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 24.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Adobe Company Profile
Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.
The company’s core offerings are organized around digital media and digital experience.
Featured Articles
- Five stocks we like better than Adobe
- SpaceX: Love the Company, But the Stock Is a Harder Call
- Ulta’s Growth Is Real, But So Are the Risks
- BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story
- Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.
