Cypress Capital Group Sells 2,985 Shares of Adobe Inc. (NASDAQ:ADBE)

Cypress Capital Group lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 32.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,196 shares of the software company’s stock after selling 2,985 shares during the quarter. Cypress Capital Group’s holdings in Adobe were worth $2,376,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Garde Capital Inc. purchased a new position in shares of Adobe during the first quarter worth about $34,000. PFG Advisors grew its holdings in shares of Adobe by 20.8% during the first quarter. PFG Advisors now owns 4,964 shares of the software company’s stock worth $1,904,000 after purchasing an additional 855 shares in the last quarter. Krane Funds Advisors LLC grew its holdings in shares of Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock worth $533,000 after purchasing an additional 730 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe during the fourth quarter worth about $1,173,000. Finally, Financial Counselors Inc. grew its holdings in shares of Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock worth $24,105,000 after purchasing an additional 5,298 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $341.05 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market cap of $144.67 billion, a PE ratio of 21.82, a P/E/G ratio of 1.62 and a beta of 1.51. The business has a 50 day moving average of $378.55 and a 200 day moving average of $395.47. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.48 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. UBS Group upped their target price on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research note on Monday, June 9th. Robert W. Baird upped their target price on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $473.88.

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.