Cresset Asset Management LLC Has $9.64 Million Stock Position in Adobe Inc. $ADBE

Cresset Asset Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1,265.2% during the second quarter, HoldingsChannel.com reports. The firm owned 24,915 shares of the software company’s stock after acquiring an additional 23,090 shares during the quarter. Cresset Asset Management LLC’s holdings in Adobe were worth $9,639,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADBE. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Adobe by 2.4% in the first 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 period. Norges Bank acquired a new stake in Adobe during the 2nd quarter worth $2,029,950,000. Amundi raised 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 valued at $1,782,642,000 after acquiring an additional 961,895 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Adobe by 16.1% in the 2nd quarter. Invesco Ltd. now owns 4,407,162 shares of the software company’s stock valued at $1,705,043,000 after purchasing an additional 610,215 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Adobe by 17.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,664,151 shares of the software company’s stock worth $1,417,587,000 after purchasing an additional 548,903 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Citigroup dropped their price objective on Adobe from $400.00 to $366.00 and set a “neutral” rating for the company in a report on Thursday. BMO Capital Markets reiterated an “outperform” rating and issued a $405.00 price target on shares of Adobe in a research report on Wednesday, October 29th. UBS Group reduced their price objective on shares of Adobe from $400.00 to $375.00 and set a “neutral” rating on the stock in a research note on Friday, September 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 12th. Finally, Cowen reissued a “hold” rating on shares of Adobe in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Adobe currently has an average rating of “Hold” and a consensus price target of $425.85.

Adobe Trading Up 5.3%

Shares of NASDAQ:ADBE opened at $346.26 on Friday. The firm has a market cap of $144.94 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 1.27 and a beta of 1.54. Adobe Inc. has a 12 month low of $311.58 and a 12 month high of $557.90. The company’s fifty day simple moving average is $336.48 and its 200 day simple moving average is $359.74. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

Adobe (NASDAQ:ADBE) last posted its 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. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The business had revenue of $5.99 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period in the previous year, the firm earned $4.65 EPS. The firm’s revenue was up 10.7% compared to the same quarter last year. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS and its Q4 2025 guidance at 5.350-5.400 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 149 shares of the stock in a transaction dated 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 represents a 4.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by corporate insiders.

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.