Bank of Nova Scotia Buys 96,792 Shares of Adobe Inc. $ADBE

Bank of Nova Scotia lifted its position in Adobe Inc. (NASDAQ:ADBE) by 25.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 483,672 shares of the software company’s stock after purchasing an additional 96,792 shares during the quarter. Bank of Nova Scotia owned 0.11% of Adobe worth $187,123,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. 1248 Management LLC bought a new stake in Adobe during the first quarter worth about $25,000. LSV Asset Management boosted its holdings in shares of Adobe by 350.0% in the 2nd quarter. LSV Asset Management now owns 72 shares of the software company’s stock worth $28,000 after acquiring an additional 56 shares in the last quarter. Flaharty Asset Management LLC bought a new stake in Adobe during the 1st quarter worth approximately $29,000. Nexus Investment Management ULC bought a new stake in Adobe during the 2nd quarter worth approximately $31,000. Finally, Horizon Financial Services LLC increased its holdings in Adobe by 4,000.0% during the 2nd quarter. Horizon Financial Services LLC now owns 82 shares of the software company’s stock valued at $32,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 5.3%

ADBE opened at $346.26 on Monday. The firm has a 50 day simple moving average of $336.48 and a 200 day simple moving average of $359.36. Adobe Inc. has a fifty-two week low of $311.58 and a fifty-two week high of $557.90. The company has a market cap of $144.94 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 1.27 and a beta of 1.54. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 11th. The software company reported $5.31 EPS for the quarter, topping analysts’ consensus estimates of $5.18 by $0.13. The firm 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%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.65 EPS. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS and its Q4 2025 guidance at 5.350-5.400 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on ADBE shares. Morgan Stanley lowered Adobe from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $520.00 to $450.00 in a research note on Wednesday, September 24th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a report on Saturday. Oppenheimer reduced their price target on shares of Adobe from $500.00 to $460.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 9th. UBS Group lowered their price objective on shares of Adobe from $400.00 to $375.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. Finally, Cowen reaffirmed a “hold” rating on shares of Adobe in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Hold” and an average price target of $425.85.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 149 shares of the stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $337.88, for a total value of $50,344.12. Following the transaction, the chief accounting officer owned 3,426 shares of the company’s stock, valued at approximately $1,157,576.88. This represents a 4.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

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.