Essex Financial Services Inc. Increases Stock Position in Adobe Inc. $ADBE

Essex Financial Services Inc. raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,221 shares of the software company’s stock after purchasing an additional 543 shares during the period. Essex Financial Services Inc.’s holdings in Adobe were worth $3,181,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Adobe by 308.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,109,436 shares of the software company’s stock valued at $1,202,979,000 after acquiring an additional 2,347,562 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the last quarter. Nuveen LLC purchased a new position in Adobe in the first quarter worth about $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its stake in Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after acquiring an additional 1,216,351 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. DA Davidson reiterated a “buy” rating and issued a $500.00 target price on shares of Adobe in a report on Friday, September 12th. Morgan Stanley downgraded 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 research report on Wednesday. Barclays boosted their price objective on shares of Adobe from $460.00 to $465.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Royal Bank Of Canada reduced their target price on shares of Adobe from $480.00 to $430.00 and set an “outperform” rating on the stock in a research note on Monday, September 8th. Finally, Melius cut shares of Adobe from a “hold” rating to a “sell” rating and set a $310.00 price target for the company. in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Adobe has an average rating of “Hold” and an average price target of $433.41.

Adobe Trading Down 2.4%

Shares of ADBE opened at $353.27 on Thursday. The firm has a market capitalization of $149.86 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 1.62 and a beta of 1.48. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 0.99. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $557.90. The company has a 50-day moving average of $355.60 and a 200 day moving average of $375.14.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 11th. The software company reported $5.31 EPS for the quarter, topping analysts’ consensus estimates of $5.18 by $0.13. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The business had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the firm earned $4.65 EPS. The company’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, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Adobe 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.