Cypress Capital Group Sells 1,331 Shares of Adobe Inc. (NASDAQ:ADBE)

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

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Swedbank AB lifted its holdings in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the period. Rational Advisors LLC bought a new position in shares of Adobe during the third quarter valued at $518,000. Catalyst Capital Advisors LLC lifted its holdings in shares of Adobe by 20.3% during the third quarter. Catalyst Capital Advisors LLC now owns 516 shares of the software company’s stock valued at $267,000 after acquiring an additional 87 shares during the period. Legacy CG LLC bought a new position in shares of Adobe during the third quarter valued at $2,989,000. Finally, Moloney Securities Asset Management LLC lifted its holdings in shares of Adobe by 28.9% during the third quarter. Moloney Securities Asset Management LLC now owns 7,562 shares of the software company’s stock valued at $3,915,000 after acquiring an additional 1,695 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on ADBE. Royal Bank of Canada reissued an “outperform” rating and set a $590.00 price objective on shares of Adobe in a report on Thursday, February 13th. Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Price Performance

Adobe stock opened at $446.03 on Wednesday. The firm has a market capitalization of $194.16 billion, a P/E ratio of 35.97, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The business has a 50-day moving average of $439.55 and a 200-day moving average of $489.03. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates 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 period in the previous year, the company earned $3.52 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Adobe Company 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.