Cedar Wealth Management LLC Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

Cedar Wealth Management LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 120.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,575 shares of the software company's stock after purchasing an additional 862 shares during the quarter. Cedar Wealth Management LLC's holdings in Adobe were worth $604,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Bank of New York Mellon Corp increased its stake in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. Northern Trust Corp increased its stake in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Edgewood Management LLC increased its stake in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in Adobe by 4.0% during the fourth quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock worth $1,555,031,000 after acquiring an additional 133,556 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on ADBE shares. Piper Sandler cut their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. DA Davidson reissued a "buy" rating and set a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Finally, UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Trading Down 2.8%

NASDAQ:ADBE opened at $347.80 on Friday. The firm has a market cap of $147.54 billion, a PE ratio of 22.25, a price-to-earnings-growth ratio of 1.65 and a beta of 1.52. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average price of $385.72 and a 200 day moving average price of $398.94. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.48 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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.

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