Meridian Wealth Management LLC Has $3.41 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Meridian Wealth Management LLC increased its stake in Adobe Inc. by 36.3%, now holding 8,877 shares valued at approximately $3.41 million.
• Several large investors have significantly boosted their positions in Adobe, with GAMMA Investing LLC increasing its stake by 46,806.6%, now owning nearly 3 million shares worth over $1 billion.
• Adobe recently reported earnings of $5.06 EPS for the quarter, surpassing analysts' expectations and marking a year-over-year revenue growth of 10.6%.

Meridian Wealth Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 36.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,877 shares of the software company's stock after purchasing an additional 2,364 shares during the period. Meridian Wealth Management LLC's holdings in Adobe were worth $3,405,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. GAMMA Investing LLC grew its stake in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after buying an additional 1,856,544 shares in the last quarter. Nuveen LLC bought a new stake in Adobe during the first quarter worth approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the period. Finally, Two Sigma Advisers LP boosted its position in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE stock opened at $333.65 on Tuesday. The stock has a 50-day moving average price of $377.15 and a 200 day moving average price of $394.76. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market cap of $141.53 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 1.62 and a beta of 1.51. 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 data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research reports. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and reduced their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Piper Sandler reduced 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. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $467.58.

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.

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