Penobscot Investment Management Company Inc. Sells 34 Shares of Adobe Inc. $ADBE

Penobscot Investment Management Company Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 0.2% during the second quarter, Holdings Channel reports. The firm owned 19,130 shares of the software company’s stock after selling 34 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Adobe were worth $7,401,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. 1248 Management LLC bought a new stake in Adobe in the first quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe during the 1st quarter worth approximately $26,000. Flaharty Asset Management LLC bought a new stake in Adobe in the 1st quarter valued at $29,000. HHM Wealth Advisors LLC acquired a new stake in Adobe during the 1st quarter valued at $30,000. Finally, Garde Capital Inc. acquired a new stake in Adobe during the 1st quarter valued at $34,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ADBE. TD Cowen decreased their price objective on shares of Adobe from $470.00 to $420.00 and set a “hold” rating on the stock in a report on Friday, September 12th. BMO Capital Markets decreased their price target on shares of Adobe from $450.00 to $405.00 and set an “outperform” rating on the stock in a research note on Friday, September 12th. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Redburn Partners set a $280.00 price objective on Adobe in a report on Monday, September 1st. Finally, Mizuho lowered Adobe from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $433.41.

Adobe Stock Performance

ADBE opened at $346.74 on Friday. 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 Inc. has a 52-week low of $330.04 and a 52-week high of $557.90. The firm has a market cap of $145.15 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 1.58 and a beta of 1.49. The business’s fifty day moving average is $353.22 and its 200-day moving average is $372.37.

Adobe (NASDAQ:ADBE) last posted 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. The business had revenue of $5.99 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. Adobe’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $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 expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.