Palmer Knight Co Has $8.39 Million Holdings in Adobe Inc. $ADBE

Palmer Knight Co raised its stake in Adobe Inc. (NASDAQ:ADBE) by 52.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 21,682 shares of the software company’s stock after buying an additional 7,426 shares during the quarter. Adobe accounts for about 3.6% of Palmer Knight Co’s holdings, making the stock its 11th biggest holding. Palmer Knight Co’s holdings in Adobe were worth $8,388,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its position in shares of Adobe by 308.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,109,436 shares of the software company’s stock worth $1,202,979,000 after buying an additional 2,347,562 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock worth $1,754,954,000 after buying an additional 1,856,544 shares during the period. Nuveen LLC acquired a new stake in shares of Adobe during the 1st quarter worth approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after buying an additional 1,216,351 shares during the period. Finally, Amundi grew its position in shares of Adobe by 24.7% during the 1st quarter. Amundi now owns 4,848,521 shares of the software company’s stock worth $1,782,642,000 after buying an additional 961,895 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $333.26 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 twelve month low of $327.50 and a twelve month high of $557.90. The firm’s 50 day moving average price is $350.99 and its two-hundred day moving average price is $368.75. The firm has a market cap of $139.50 billion, a P/E ratio of 20.76, a PEG ratio of 1.49 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share for the quarter, beating analysts’ consensus estimates of $5.18 by $0.13. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The firm had revenue of $5.99 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the firm posted $4.65 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. 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 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ADBE shares. Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price for the company. in a research note on Wednesday, July 2nd. Citigroup lowered their target price on shares of Adobe from $450.00 to $400.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. UBS Group lowered their target price on shares of Adobe from $400.00 to $375.00 and set a “neutral” rating for the company in a research note on Friday, September 12th. DA Davidson reaffirmed a “buy” rating and issued a $500.00 target price on shares of Adobe in a research note on Friday, September 12th. Finally, Wall Street Zen downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $433.41.

Adobe 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.