Cypress Capital LLC Sells 495 Shares of Adobe Inc. (NASDAQ:ADBE)

Cypress Capital LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 0.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 124,409 shares of the software company’s stock after selling 495 shares during the quarter. Adobe comprises about 7.1% of Cypress Capital LLC’s portfolio, making the stock its biggest position. Cypress Capital LLC’s holdings in Adobe were worth $56,683,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Pinnacle Associates Ltd. raised its stake in shares of Adobe by 1.5% in the fourth quarter. Pinnacle Associates Ltd. now owns 31,033 shares of the software company’s stock worth $17,598,000 after purchasing an additional 445 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Adobe by 204.0% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,532 shares of the software company’s stock valued at $870,000 after acquiring an additional 1,028 shares in the last quarter. Clarius Group LLC grew its holdings in shares of Adobe by 3.4% in the fourth quarter. Clarius Group LLC now owns 6,123 shares of the software company’s stock valued at $3,472,000 after acquiring an additional 203 shares in the last quarter. Intelligence Driven Advisers LLC bought a new position in shares of Adobe in the fourth quarter valued at approximately $278,000. Finally, Emerald Mutual Fund Advisers Trust bought a new position in shares of Adobe in the fourth quarter valued at approximately $145,000. 82.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent analyst reports. Morgan Stanley lowered Adobe from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $591.00 to $362.00 in a report on Tuesday, June 21st. Wolfe Research reduced their target price on Adobe from $500.00 to $400.00 and set an “outperform” rating for the company in a report on Friday, June 17th. Oppenheimer reduced their target price on Adobe from $560.00 to $400.00 and set an “outperform” rating for the company in a report on Friday, June 17th. Credit Suisse Group reduced their price objective on Adobe from $525.00 to $425.00 and set a “neutral” rating for the company in a report on Friday, June 17th. Finally, Barclays reduced their price objective on Adobe from $530.00 to $445.00 and set an “overweight” rating for the company in a report on Friday, June 17th. Six research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $489.31.

Adobe Trading Up 0.7 %

NASDAQ ADBE opened at $433.43 on Friday. The stock’s 50-day simple moving average is $392.99 and its two-hundred day simple moving average is $427.73. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $202.85 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 2.37 and a beta of 1.12.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, beating analysts’ consensus estimates of $2.65 by $0.05. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The business had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter last year, the business posted $2.56 earnings per share. Research analysts forecast that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,711 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the transaction, the executive vice president now directly owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CMO Ann Lewnes sold 794 shares of Adobe stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the transaction, the chief marketing officer now directly owns 23,988 shares in the company, valued at $9,595,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the transaction, the executive vice president now owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The disclosure for this sale can be found here. Insiders have sold 3,637 shares of company stock worth $1,438,682 over the last 90 days. Corporate insiders own 0.23% of the company’s stock.

About Adobe

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Adobe Inc 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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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