State of Alaska Department of Revenue Sells 3,100 Shares of Adobe Inc. $ADBE

State of Alaska Department of Revenue cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,807 shares of the software company’s stock after selling 3,100 shares during the quarter. State of Alaska Department of Revenue’s holdings in Adobe were worth $23,525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. 1248 Management LLC acquired a new stake in Adobe during the 1st quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe during the 1st quarter worth approximately $26,000. Flaharty Asset Management LLC acquired a new stake in Adobe during the 1st quarter worth approximately $29,000. HHM Wealth Advisors LLC acquired a new stake in Adobe during the 1st quarter worth approximately $30,000. Finally, Garde Capital Inc. acquired a new position in shares of Adobe in the 1st quarter worth approximately $34,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. TD Cowen dropped their price target on shares of Adobe from $470.00 to $420.00 and set a “hold” rating on the stock in a research report on Friday, September 12th. Piper Sandler dropped their price target on shares of Adobe from $500.00 to $470.00 and set an “overweight” rating on the stock in a research report on Friday, September 12th. Wells Fargo & Company restated an “overweight” rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Royal Bank Of Canada dropped their price target on shares of Adobe from $480.00 to $430.00 and set an “outperform” rating on the stock in a research report on Monday, September 8th. Finally, UBS Group dropped their price target on shares of Adobe from $400.00 to $375.00 and set a “neutral” rating on the stock in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $433.41.

Adobe Stock Up 1.8%

Adobe stock opened at $360.37 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $557.90. The firm’s fifty day moving average is $355.25 and its 200 day moving average is $374.08. The company has a market capitalization of $150.85 billion, a PE ratio of 22.45, a PEG ratio of 1.59 and a beta of 1.48.

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, 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 company had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter in the previous year, the company earned $4.65 EPS. Adobe’s quarterly 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. Q4 2025 guidance at 5.350-5.400 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.