Cypress Advisory Group LLC Invests $667,000 in Adobe Inc. (NASDAQ:ADBE)

Cypress Advisory Group LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 1,500 shares of the software company’s stock, valued at approximately $667,000.

Several other hedge funds have also added to or reduced their stakes in the business. Virtu Financial LLC bought a new position in shares of Adobe during the third quarter valued at about $4,167,000. Morse Asset Management Inc lifted its position in Adobe by 32.6% during the 3rd quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock valued at $4,398,000 after acquiring an additional 2,088 shares during the period. Te Ahumairangi Investment Management Ltd boosted its position in shares of Adobe by 12.9% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock worth $2,294,000 after purchasing an additional 510 shares in the last quarter. Anchor Investment Management LLC grew its stake in shares of Adobe by 1.6% in the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock worth $8,420,000 after acquiring an additional 255 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co increased its stake in Adobe by 13.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company’s stock valued at $13,168,000 after purchasing an additional 3,071 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.1 %

NASDAQ:ADBE opened at $374.98 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $159.82 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a 50-day moving average of $388.06 and a 200 day moving average of $442.81. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the business posted $4.48 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. Royal Bank of Canada dropped their price objective on Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. Mizuho decreased their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Bank of America decreased their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $502.88.

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.