Renaissance Group LLC Buys 6,488 Shares of Adobe Inc. $ADBE

Renaissance Group LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.1% in the second quarter, HoldingsChannel reports. The fund owned 77,764 shares of the software company’s stock after buying an additional 6,488 shares during the period. Renaissance Group LLC’s holdings in Adobe were worth $30,085,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADBE. Brighton Jones LLC grew its holdings in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after acquiring an additional 167 shares during the period. IFP Advisors Inc lifted its stake in shares of Adobe by 2.0% in the 1st quarter. IFP Advisors Inc now owns 5,848 shares of the software company’s stock valued at $2,243,000 after purchasing an additional 112 shares during the period. Gallacher Capital Management LLC boosted its position in shares of Adobe by 12.4% in the 1st quarter. Gallacher Capital Management LLC now owns 600 shares of the software company’s stock worth $230,000 after purchasing an additional 66 shares during the last quarter. GW&K Investment Management LLC grew its stake in shares of Adobe by 19.7% during the first quarter. GW&K Investment Management LLC now owns 255 shares of the software company’s stock worth $98,000 after purchasing an additional 42 shares during the period. Finally, PFG Advisors increased its holdings in Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company’s stock valued at $1,904,000 after purchasing an additional 855 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.2%

ADBE opened at $324.47 on Wednesday. The stock has a market capitalization of $135.82 billion, a P/E ratio of 20.22, a P/E/G ratio of 1.51 and a beta of 1.48. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. Adobe Inc. has a 12 month low of $320.80 and a 12 month high of $557.90. The firm’s fifty day simple moving average is $345.35 and its 200 day simple moving average is $366.32.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.18 by $0.13. The firm had revenue of $5.99 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior 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. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Morgan Stanley cut Adobe from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $520.00 to $450.00 in a report on Wednesday, September 24th. Royal Bank Of Canada decreased their price objective on shares of Adobe from $480.00 to $430.00 and set an “outperform” rating for the company in a report on Monday, September 8th. Cowen reissued a “hold” rating on shares of Adobe in a report on Wednesday, October 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Adobe in a research note on Wednesday, October 8th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $405.00 target price on shares of Adobe in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $433.41.

Insider Buying and Selling

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

Adobe Company 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.