Bank of New York Mellon Corp Has $2.43 Billion Position in Adobe Inc. $ADBE

Bank of New York Mellon Corp cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,277,377 shares of the software company’s stock after selling 253,234 shares during the quarter. Bank of New York Mellon Corp’s holdings in Adobe were worth $2,428,592,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. 1248 Management LLC bought a new position in Adobe during the first quarter valued at about $25,000. Flaharty Asset Management LLC bought a new position in shares of Adobe in the first quarter worth about $29,000. HHM Wealth Advisors LLC acquired a new position in shares of Adobe during the 1st quarter worth about $30,000. Nexus Investment Management ULC bought a new stake in shares of Adobe in the second quarter valued at approximately $31,000. Finally, Cornerstone Planning Group LLC grew its position in Adobe by 128.6% in the 1st quarter. Cornerstone Planning Group LLC now owns 112 shares of the software company’s stock worth $39,000 after purchasing an additional 63 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $340.31 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $142.45 billion, a PE ratio of 21.20, a PEG ratio of 1.51 and a beta of 1.49. Adobe Inc. has a 52 week low of $327.50 and a 52 week high of $557.90. The stock’s fifty day moving average is $350.67 and its 200-day moving average is $368.89.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share for the quarter, topping analysts’ consensus estimates of $5.18 by $0.13. The company had revenue of $5.99 billion during 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 firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company 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. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. TD Cowen reduced their price objective on Adobe from $470.00 to $420.00 and set a “hold” rating for the company in a research report on Friday, September 12th. Oppenheimer reduced their target price on Adobe from $500.00 to $460.00 and set an “outperform” rating for the company in a research report on Tuesday, September 9th. Citigroup reduced their price objective on shares of Adobe from $450.00 to $400.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Adobe in a research note on Wednesday, October 8th. Finally, Cowen restated a “hold” rating on shares of Adobe in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $433.41.

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.