Prosperity Consulting Group LLC Sells 835 Shares of Adobe Inc. $ADBE

Prosperity Consulting Group LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 19.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,459 shares of the software company’s stock after selling 835 shares during the period. Prosperity Consulting Group LLC’s holdings in Adobe were worth $1,338,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Adobe by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company’s stock valued at $15,779,895,000 after buying an additional 171,547 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Adobe by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,468,383 shares of the software company’s stock valued at $2,097,289,000 after buying an additional 126,688 shares during the last quarter. Amundi grew its position in shares of Adobe by 24.7% in the 1st quarter. Amundi now owns 4,848,521 shares of the software company’s stock valued at $1,782,642,000 after buying an additional 961,895 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock valued at $1,754,954,000 after buying an additional 1,856,544 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of Adobe by 6.8% in the 1st quarter. Deutsche Bank AG now owns 3,735,509 shares of the software company’s stock valued at $1,432,680,000 after buying an additional 238,542 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other 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 value of $50,344.12. Following the completion of the transaction, the chief accounting officer directly owned 3,426 shares of the company’s stock, valued at $1,157,576.88. This represents a 4.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ADBE shares. Royal Bank Of Canada reduced their price target on Adobe from $480.00 to $430.00 and set an “outperform” rating on the stock in a research report on Monday, September 8th. Melius downgraded Adobe from a “hold” rating to a “sell” rating and set a $310.00 price objective on the stock. in a research note on Monday, August 11th. Citigroup dropped their price objective on Adobe from $450.00 to $400.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Barclays set a $465.00 price objective on Adobe and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Finally, Piper Sandler dropped their price objective on Adobe from $500.00 to $470.00 and set an “overweight” rating on the stock in a research note on Friday, September 12th. One equities research 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $433.41.

Adobe Stock Down 0.6%

ADBE stock opened at $335.35 on Wednesday. The stock’s 50 day simple moving average is $349.76 and its 200 day simple moving average is $368.72. Adobe Inc. has a fifty-two week low of $327.50 and a fifty-two 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 company has a market cap of $140.38 billion, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 1.51 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its quarterly 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 business had revenue of $5.99 billion for 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 revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business 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, research analysts expect 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.