Cypress Capital Group Sells 194 Shares of Adobe Inc. (NASDAQ:ADBE)

Cypress Capital Group lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,512 shares of the software company’s stock after selling 194 shares during the period. Cypress Capital Group’s holdings in Adobe were worth $5,443,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Landscape Capital Management L.L.C. purchased a new stake in shares of Adobe during the third quarter worth $1,099,000. Intech Investment Management LLC raised its stake in shares of Adobe by 113.0% during the 3rd quarter. Intech Investment Management LLC now owns 89,052 shares of the software company’s stock valued at $46,109,000 after purchasing an additional 47,234 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in Adobe by 1.6% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 24,851 shares of the software company’s stock worth $12,867,000 after purchasing an additional 402 shares in the last quarter. Moran Wealth Management LLC boosted its stake in Adobe by 2.1% in the 3rd quarter. Moran Wealth Management LLC now owns 24,000 shares of the software company’s stock worth $12,427,000 after purchasing an additional 499 shares during the period. Finally, Moors & Cabot Inc. grew its holdings in Adobe by 2.8% during the 3rd quarter. Moors & Cabot Inc. now owns 3,550 shares of the software company’s stock valued at $1,838,000 after buying an additional 98 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.0 %

Shares of NASDAQ ADBE opened at $499.50 on Thursday. The firm has a fifty day simple moving average of $505.27 and a two-hundred day simple moving average of $518.81. The firm has a market capitalization of $219.88 billion, a PE ratio of 42.19, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.26 earnings per share. Equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on ADBE shares. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein lowered their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.