Meritage Portfolio Management Cuts Holdings in Adobe Inc. $ADBE

Meritage Portfolio Management trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,105 shares of the software company’s stock after selling 2,325 shares during the period. Meritage Portfolio Management’s holdings in Adobe were worth $9,713,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ADBE. Assenagon Asset Management S.A. lifted its position in Adobe by 308.1% during the second 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 purchasing an additional 2,347,562 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock valued at $1,754,954,000 after purchasing an additional 1,856,544 shares in the last quarter. Nuveen LLC purchased a new position in Adobe during the first quarter valued at $607,443,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position 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 valued at $498,000 after purchasing an additional 1,216,351 shares in the last quarter. Finally, Amundi raised its holdings in Adobe by 24.7% during the first quarter. Amundi now owns 4,848,521 shares of the software company’s stock valued at $1,782,642,000 after acquiring an additional 961,895 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. Phillip Securities raised Adobe from a “moderate sell” rating to a “strong-buy” rating in a report on Monday, June 16th. Redburn Partners set a $280.00 price target on Adobe in a report on Monday, September 1st. Citigroup decreased their price target on Adobe from $450.00 to $400.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Adobe in a report on Wednesday. Finally, Oppenheimer decreased their price target on Adobe from $500.00 to $460.00 and set an “outperform” rating on the stock in a report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Hold” and a consensus target price of $433.41.

Adobe Trading Down 2.9%

ADBE opened at $337.51 on Friday. The firm has a market cap of $141.28 billion, a P/E ratio of 21.03, a P/E/G ratio of 1.51 and a beta of 1.49. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $557.90. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average of $351.67 and a 200 day moving average of $370.59.

Adobe (NASDAQ:ADBE) last released its quarterly 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 company had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter last 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. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current 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.