Retirement Systems of Alabama Sells 2,089 Shares of Adobe Inc. $ADBE

Retirement Systems of Alabama lessened its position in Adobe Inc. (NASDAQ:ADBE) by 2.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,454 shares of the software company’s stock after selling 2,089 shares during the period. Retirement Systems of Alabama’s holdings in Adobe were worth $35,382,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its holdings in Adobe by 308.1% in the 2nd 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 buying an additional 2,347,562 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of 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 acquiring an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new position in shares of Adobe during the first quarter worth $607,443,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of 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 worth $498,000 after purchasing an additional 1,216,351 shares during the period. Finally, Amundi grew its stake in shares of Adobe by 24.7% in the first quarter. Amundi now owns 4,848,521 shares of the software company’s stock worth $1,782,642,000 after purchasing an additional 961,895 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Evercore ISI decreased their price target on Adobe from $475.00 to $450.00 and set an “outperform” rating for the company in a research note on Friday, September 12th. Weiss Ratings restated a “hold (c-)” rating on shares of Adobe in a research report on Wednesday, October 8th. 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 research report on Monday, September 8th. TD Cowen lowered their target price on shares of Adobe from $470.00 to $420.00 and set a “hold” rating for the company in a research note on Friday, September 12th. Finally, UBS Group dropped their price objective on Adobe from $400.00 to $375.00 and set a “neutral” rating on the stock in a research note on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Adobe presently has an average rating of “Hold” and an average target price of $433.41.

Adobe Trading Up 0.4%

Shares of Adobe stock opened at $339.24 on Friday. The stock has a 50 day moving average price of $351.10 and a two-hundred day moving average price of $368.67. Adobe Inc. has a 52 week low of $327.50 and a 52 week high of $557.90. 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 $142.01 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 1.51 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 EPS for the quarter, beating analysts’ consensus estimates of $5.18 by $0.13. The business had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. Adobe’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $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, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.