Shares of the software company Adobe (NASDAQ:ADBE) are up about 14.5% in today’s pre-market session. This jump in ADBE stock comes after it reported stellar second-quarter Fiscal 2024 revenue and earnings, which surpassed Street’s forecast. Looking ahead, ADBE’s management provided solid Q3 sales and EPS guidance, indicating that the momentum in its business will likely be sustained. Given these positives, it’s the right time to see who owns Adobe stock.
Now, according to TipRanks’ ownership page, other institutional investors own 46.61% of Adobe. They are followed by mutual funds, public companies and individual investors, and insiders at 23.27%, 23.26%, and 6.86%, respectively.
Digging Deeper into Adobe’s Ownership Structure
Looking closely at institutions (Mutual Funds and Other Institutional Investors), Vanguard Index Funds owns a 6.78% stake in ADBE stock. Next up is Fidelity Concord Street Trust, which holds a 1.68% stake in the company.
Among the institutions, the Hedge Fund Confidence Signal is Negative on ADBE stock based on the activity of 55 hedge funds. Hedge funds decreased their ADBE holdings by 295.8K shares in the last quarter.
Conversely, individual investors have a Positive view of the company. In the last 30 days, the number of portfolios (tracked by TipRanks) holding Adobe stock increased by 2.8%. Overall, among the 739,972 portfolios monitored by TipRanks, 1.8% have invested in Adobe stock.
Is Adobe Stock a Buy?
Wall Street is cautiously optimistic about Adobe stock. It has 22 Buys, seven Holds, and two Sell recommendations for a Moderate Buy consensus rating.
Adobe stock is down about 23% year-to-date. The analysts’ price target on ADBE stock is $605.9, implying 32.08% upside potential from current levels.
Conclusion
TipRanks’ Ownership tool provides ADBE ownership structure by category, enabling investors to make well-informed investing decisions.
For a thorough assessment of Adobe stock, go to TipRanks’ Stock Analysis page.
