Adobe Inc. (NASDAQ:ADBE) Stock Position Reduced by Cypress Capital LLC

Cypress Capital LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 0.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,409 shares of the software company’s stock after selling 495 shares during the quarter. Adobe accounts for approximately 7.1% of Cypress Capital LLC’s holdings, making the stock its biggest holding. Cypress Capital LLC’s holdings in Adobe were worth $56,683,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ADBE. Delta Financial Advisors LLC grew its position in shares of Adobe by 2.3% in the 4th quarter. Delta Financial Advisors LLC now owns 883 shares of the software company’s stock valued at $501,000 after buying an additional 20 shares during the last quarter. Sittner & Nelson LLC grew its position in Adobe by 14.8% during the 4th quarter. Sittner & Nelson LLC now owns 155 shares of the software company’s stock worth $88,000 after purchasing an additional 20 shares during the last quarter. Kesler Norman & Wride LLC grew its position in Adobe by 1.0% during the 4th quarter. Kesler Norman & Wride LLC now owns 2,047 shares of the software company’s stock worth $1,161,000 after purchasing an additional 21 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Adobe by 1.1% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,957 shares of the software company’s stock worth $1,110,000 after purchasing an additional 21 shares during the last quarter. Finally, Accurate Wealth Management LLC lifted its stake in shares of Adobe by 4.0% in the 4th quarter. Accurate Wealth Management LLC now owns 552 shares of the software company’s stock worth $326,000 after acquiring an additional 21 shares during the period. 82.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Citigroup reduced their price objective on shares of Adobe from $455.00 to $425.00 and set a “neutral” rating for the company in a research note on Tuesday, June 14th. Mizuho cut their target price on shares of Adobe from $530.00 to $480.00 and set a “buy” rating for the company in a research report on Friday, June 17th. Credit Suisse Group cut their target price on shares of Adobe from $525.00 to $425.00 and set a “neutral” rating for the company in a research report on Friday, June 17th. Wells Fargo & Company cut their target price on shares of Adobe from $525.00 to $425.00 and set an “overweight” rating for the company in a research report on Friday, June 17th. Finally, Royal Bank of Canada cut their target price on shares of Adobe from $600.00 to $500.00 and set an “outperform” rating for the company in a research report on Tuesday, June 14th. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $489.31.

Adobe Price Performance

Adobe stock opened at $433.43 on Friday. Adobe Inc. has a 1 year low of $338.00 and a 1 year high of $699.54. The firm has a 50 day moving average price of $392.99 and a 200 day moving average price of $427.73. The company has a market cap of $202.85 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 2.37 and a beta of 1.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE – Get Rating) last announced 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. The firm had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same period in the previous year, the company posted $2.56 earnings per share. Sell-side analysts predict that Adobe Inc. will post 10.99 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the transaction, the chief accounting officer now directly owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the transaction, the chief accounting officer now directly owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction on 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 in the company, valued at $10,268,108.62. The disclosure for this sale can be found here. Insiders have sold a total of 3,637 shares of company stock valued at $1,438,682 over the last ninety 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.