Washington Trust Bank Decreases Stock Holdings in Adobe Inc. $ADBE

Washington Trust Bank cut its stake in Adobe Inc. (NASDAQ:ADBE) by 98.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 804 shares of the software company’s stock after selling 43,250 shares during the quarter. Washington Trust Bank’s holdings in Adobe were worth $311,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. 1248 Management LLC acquired a new position in Adobe in the first quarter valued at about $25,000. Flaharty Asset Management LLC purchased a new stake in shares of Adobe in the 1st quarter valued at approximately $29,000. HHM Wealth Advisors LLC acquired a new position in shares of Adobe in the 1st quarter worth approximately $30,000. Nexus Investment Management ULC purchased a new position in shares of Adobe during the 2nd quarter worth approximately $31,000. Finally, Cornerstone Planning Group LLC boosted its position in shares of Adobe by 128.6% during 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 period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 2.4%

Shares of NASDAQ ADBE opened at $327.35 on Friday. The business has a 50-day moving average of $348.81 and a two-hundred day moving average of $368.20. The company has a market capitalization of $137.03 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 1.51 and a beta of 1.47. Adobe Inc. has a 1 year low of $324.55 and a 1 year high of $557.90. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02.

Adobe (NASDAQ:ADBE) last issued its earnings results 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 for 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 business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company 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. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Jillian Forusz sold 149 shares of the stock in a transaction on Friday, October 31st. The shares were sold at an average price of $337.88, for a total value of $50,344.12. Following the transaction, the chief accounting officer directly owned 3,426 shares of the company’s stock, valued at $1,157,576.88. This trade represents a 4.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. BMO Capital Markets restated an “outperform” rating and set a $405.00 price target on shares of Adobe in a research report on Wednesday, October 29th. Cowen reissued a “hold” rating on shares of Adobe in a research note on Wednesday, October 29th. Evercore ISI dropped their target price on Adobe from $475.00 to $450.00 and set an “outperform” rating for the company in a research report on Friday, September 12th. Piper Sandler reduced their price target on shares of Adobe from $500.00 to $470.00 and set an “overweight” rating on the stock in a research report on Friday, September 12th. Finally, Mizuho cut shares of Adobe from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target 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.