Truist Financial Corp Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Truist Financial Corp decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 183,372 shares of the software company’s stock after selling 2,024 shares during the period. Truist Financial Corp’s holdings in Adobe were worth $70,329,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sepio Capital LP lifted its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank lifted its position in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after acquiring an additional 22 shares during the period. Eagle Strategies LLC lifted its position in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC lifted its position in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after acquiring an additional 22 shares during the period. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after acquiring an additional 23 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research reports. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. BMO Capital Markets restated an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Piper Sandler cut their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Rothschild & Co Redburn downgraded Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective for the company. in a research report on Wednesday. Finally, Evercore ISI restated an “outperform” rating and set a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $480.08.

Adobe Stock Up 0.3%

Shares of NASDAQ ADBE opened at $379.56 on Friday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a fifty day moving average of $396.09 and a 200-day moving average of $408.04. The stock has a market capitalization of $161.01 billion, a PE ratio of 24.28, a P/E/G ratio of 1.80 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same period in the previous year, the company earned $4.48 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.