Cypress Wealth Services LLC Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cypress Wealth Services LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 455 shares of the software company’s stock after selling 24 shares during the quarter. Cypress Wealth Services LLC’s holdings in Adobe were worth $253,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ADBE. Ballast Advisors LLC raised its holdings in shares of Adobe by 28.8% during the fourth quarter. Ballast Advisors LLC now owns 1,539 shares of the software company’s stock worth $918,000 after purchasing an additional 344 shares during the period. International Assets Investment Management LLC bought a new position in shares of Adobe during the fourth quarter worth about $1,468,000. B.O.S.S. Retirement Advisors LLC grew its position in shares of Adobe by 69.5% during the fourth quarter. B.O.S.S. Retirement Advisors LLC now owns 722 shares of the software company’s stock worth $431,000 after acquiring an additional 296 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Adobe by 69.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,594 shares of the software company’s stock worth $5,723,000 after acquiring an additional 3,935 shares during the last quarter. Finally, Impax Asset Management Group plc grew its position in shares of Adobe by 3.4% during the fourth quarter. Impax Asset Management Group plc now owns 12,072 shares of the software company’s stock worth $7,202,000 after acquiring an additional 395 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE stock traded up $6.06 during midday trading on Friday, hitting $536.30. 1,272,635 shares of the company traded hands, compared to its average volume of 3,346,469. The business has a 50 day simple moving average of $528.34 and a 200-day simple moving average of $525.64. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market capitalization of $237.80 billion, a price-to-earnings ratio of 48.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Wells Fargo & Company upped their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Robert W. Baird increased their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Sanford C. Bernstein raised their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Piper Sandler reduced their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $601.38.

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.