Cedar Wealth Management LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Cedar Wealth Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 120.9% in the 1st quarter, Holdings Channel reports. The firm owned 1,575 shares of the software company’s stock after buying an additional 862 shares during the period. Cedar Wealth Management LLC’s holdings in Adobe were worth $604,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Liberty Wealth Management LLC increased its position in Adobe by 28,143.1% in the 1st quarter. Liberty Wealth Management LLC now owns 400,770 shares of the software company’s stock valued at $141,000 after acquiring an additional 399,351 shares during the period. Bank of Nova Scotia Trust Co. increased its position in Adobe by 30.9% in the 1st quarter. Bank of Nova Scotia Trust Co. now owns 2,400 shares of the software company’s stock valued at $920,000 after acquiring an additional 567 shares during the period. J. Safra Sarasin Holding AG increased its position in Adobe by 52.8% in the 1st quarter. J. Safra Sarasin Holding AG now owns 8,040 shares of the software company’s stock valued at $3,105,000 after acquiring an additional 2,779 shares during the period. Aviso Wealth Management increased its position in Adobe by 19.0% in the 1st quarter. Aviso Wealth Management now owns 1,817 shares of the software company’s stock valued at $697,000 after acquiring an additional 290 shares during the period. Finally, R Squared Ltd increased its position in Adobe by 209.1% in the 1st quarter. R Squared Ltd now owns 980 shares of the software company’s stock valued at $376,000 after acquiring an additional 663 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock opened at $347.80 on Friday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock’s 50 day moving average price is $385.72 and its 200 day moving average price is $398.94. The firm has a market cap of $147.54 billion, a P/E ratio of 22.25, a PEG ratio of 1.65 and a beta of 1.52.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Redburn Atlantic cut Adobe from a “hold” rating to a “strong sell” rating and dropped their price target for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Morgan Stanley dropped their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. BMO Capital Markets reiterated an “outperform” rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Wells Fargo & Company reiterated an “overweight” rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $473.88.

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.