Westpac Banking Corp Sells 425 Shares of Adobe Inc. $ADBE

Westpac Banking Corp trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,083 shares of the software company’s stock after selling 425 shares during the quarter. Westpac Banking Corp’s holdings in Adobe were worth $7,383,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ADBE. Integrated Quantitative Investments LLC bought a new position in shares of Adobe in the 2nd quarter valued at $1,109,000. Tortoise Investment Management LLC boosted its stake in Adobe by 17.1% in the second quarter. Tortoise Investment Management LLC now owns 301 shares of the software company’s stock valued at $116,000 after buying an additional 44 shares in the last quarter. MTM Investment Management LLC bought a new position in Adobe in the second quarter valued at about $77,000. Letko Brosseau & Associates Inc. grew its position in Adobe by 4.4% in the second quarter. Letko Brosseau & Associates Inc. now owns 167,255 shares of the software company’s stock valued at $64,708,000 after acquiring an additional 7,114 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in Adobe by 13.5% during the second quarter. Rockefeller Capital Management L.P. now owns 210,657 shares of the software company’s stock worth $81,500,000 after acquiring an additional 25,006 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE opened at $331.11 on Friday. The company has a market capitalization of $138.60 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 1.51 and a beta of 1.47. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. Adobe Inc. has a twelve month low of $323.03 and a twelve month high of $557.90. The stock has a fifty day simple moving average of $346.61 and a 200 day simple moving average of $367.12.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 11th. The software company reported $5.31 EPS for the quarter, topping the consensus estimate of $5.18 by $0.13. The firm 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 business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business 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. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 149 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $337.88, for a total transaction of $50,344.12. Following the completion of the sale, the chief accounting officer owned 3,426 shares of the company’s stock, valued at approximately $1,157,576.88. This represents a 4.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by insiders.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. Evercore ISI decreased their price target on shares of Adobe from $475.00 to $450.00 and set an “outperform” rating on the stock in a report on Friday, September 12th. BMO Capital Markets restated an “outperform” rating and issued a $405.00 target price on shares of Adobe in a research report on Wednesday, October 29th. Morgan Stanley downgraded shares of Adobe from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $520.00 to $450.00 in a report on Wednesday, September 24th. Weiss Ratings reissued a “hold (c-)” rating on shares of Adobe in a report on Wednesday, October 8th. Finally, Piper Sandler reduced their price objective on Adobe from $500.00 to $470.00 and set an “overweight” rating on the stock in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $433.41.

Adobe Company 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.