Cypress Capital Group Has $4.08 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Cypress Capital Group lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 12.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,181 shares of the software company’s stock after selling 1,331 shares during the period. Cypress Capital Group’s holdings in Adobe were worth $4,083,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in Adobe by 12.4% during the 4th quarter. Victory Capital Management Inc. now owns 522,917 shares of the software company’s stock worth $232,531,000 after buying an additional 57,634 shares during the period. Horan Capital Advisors LLC. raised its holdings in Adobe by 2.4% during the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock worth $2,162,000 after buying an additional 114 shares during the period. Ring Mountain Capital LLC acquired a new stake in Adobe during the 4th quarter worth about $225,000. Torray Investment Partners LLC raised its holdings in Adobe by 1.6% during the 4th quarter. Torray Investment Partners LLC now owns 13,617 shares of the software company’s stock worth $6,055,000 after buying an additional 215 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after buying an additional 92,458 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Sanford C. Bernstein dropped their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Barclays dropped their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Oppenheimer dropped their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 1.2 %

Shares of ADBE stock opened at $446.03 on Wednesday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $439.55 and its two-hundred day moving average is $489.03. The company has a market cap of $194.16 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.52 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current 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.