Cromwell Holdings LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Cromwell Holdings LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 12.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,221 shares of the software company’s stock after selling 175 shares during the quarter. Cromwell Holdings LLC’s holdings in Adobe were worth $468,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Copia Wealth Management acquired a new stake in Adobe during the 4th quarter valued at approximately $28,000. SWAN Capital LLC acquired a new stake in Adobe during the 4th quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe during the 1st quarter valued at approximately $26,000. Summit Securities Group LLC acquired a new stake in Adobe during the 4th quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Adobe during the 4th quarter valued at approximately $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $371.43 on Friday. Adobe Inc. has a one year low of $332.01 and a one 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 firm has a fifty day moving average of $396.38 and a 200 day moving average of $406.42. The firm has a market cap of $157.56 billion, a PE ratio of 23.76, a PEG ratio of 1.77 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. DA Davidson restated a “buy” rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Citigroup cut their target price on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday, June 16th. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Rothschild & Co Redburn lowered shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price for the company. in a report on Wednesday, July 2nd. Finally, Redburn Atlantic lowered shares of Adobe from a “hold” rating to a “strong sell” rating and cut their target price for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $480.08.

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.