Adobe Inc. (NASDAQ:ADBE) Shares Bought by Cypress Wealth Services LLC

Cypress Wealth Services LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 14.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 560 shares of the software company’s stock after purchasing an additional 69 shares during the quarter. Cypress Wealth Services LLC’s holdings in Adobe were worth $249,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Intech Investment Management LLC grew its position in Adobe by 20.1% in the 2nd quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock worth $23,232,000 after purchasing an additional 6,985 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Adobe by 1.8% during the second quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock worth $4,514,000 after buying an additional 142 shares during the period. Ieq Capital LLC grew its holdings in Adobe by 5.4% in the 2nd quarter. Ieq Capital LLC now owns 50,681 shares of the software company’s stock worth $28,155,000 after buying an additional 2,575 shares in the last quarter. Wealth Advisors of Tampa Bay LLC increased its position in Adobe by 37.8% in the 2nd quarter. Wealth Advisors of Tampa Bay LLC now owns 4,959 shares of the software company’s stock valued at $2,755,000 after acquiring an additional 1,359 shares during the period. Finally, Promethos Capital LLC increased its position in Adobe by 234.8% in the 2nd quarter. Promethos Capital LLC now owns 7,405 shares of the software company’s stock valued at $4,114,000 after acquiring an additional 5,193 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADBE. Oppenheimer reduced their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Mizuho lowered their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.7 %

Shares of Adobe stock opened at $429.99 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The stock has a 50-day moving average price of $477.84 and a 200 day moving average price of $513.73. The company has a market cap of $189.28 billion, a P/E ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the firm earned $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 in the last quarter. Company insiders own 0.15% of the company’s stock.

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.