Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cypress Asset Management Inc. TX

Cypress Asset Management Inc. TX decreased its position in Adobe Inc. (NASDAQ:ADBEGet Rating) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,624 shares of the software company’s stock after selling 159 shares during the quarter. Cypress Asset Management Inc. TX’s holdings in Adobe were worth $2,791,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ADBE. VELA Investment Management LLC lifted its holdings in shares of Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares during the last quarter. IFM Investors Pty Ltd increased its position in shares of Adobe by 18.9% during the 1st quarter. IFM Investors Pty Ltd now owns 76,547 shares of the software company’s stock valued at $34,876,000 after purchasing an additional 12,188 shares during the period. Bornite Capital Management LP acquired a new position in shares of Adobe during the 1st quarter valued at $15,947,000. IFG Advisory LLC grew its holdings in shares of Adobe by 12.0% in the 1st quarter. IFG Advisory LLC now owns 997 shares of the software company’s stock worth $454,000 after acquiring an additional 107 shares during the last quarter. Finally, Clearstead Advisors LLC grew its holdings in shares of Adobe by 12.2% in the 1st quarter. Clearstead Advisors LLC now owns 4,777 shares of the software company’s stock worth $2,176,000 after acquiring an additional 520 shares during the last quarter. Institutional investors and hedge funds own 80.75% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $294.54, for a total value of $38,879.28. Following the completion of the transaction, the chief accounting officer now directly owns 2,596 shares in the company, valued at approximately $764,625.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Daniel Durn acquired 3,250 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The stock was bought at an average cost of $288.11 per share, for a total transaction of $936,357.50. Following the completion of the transaction, the chief financial officer now directly owns 8,948 shares in the company, valued at approximately $2,578,008.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $294.54, for a total transaction of $38,879.28. Following the sale, the chief accounting officer now owns 2,596 shares of the company’s stock, valued at $764,625.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,543 shares of company stock worth $7,690,103. 0.23% of the stock is currently owned by company insiders.

Adobe Price Performance

ADBE stock traded up $4.90 during trading on Thursday, reaching $335.78. 2,240,777 shares of the company were exchanged, compared to its average volume of 3,550,336. The company has a 50-day moving average of $304.16 and a two-hundred day moving average of $364.58. The company has a market capitalization of $156.10 billion, a price-to-earnings ratio of 33.11, a P/E/G ratio of 2.33 and a beta of 1.26. Adobe Inc. has a twelve month low of $274.73 and a twelve month high of $694.89. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.14 and a quick ratio of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Thursday, September 15th. The software company reported $2.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.02). Adobe had a return on equity of 36.49% and a net margin of 28.00%. The company had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.44 billion. During the same quarter in the prior year, the company earned $2.65 earnings per share. Adobe’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 11.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ADBE. Edward Jones downgraded Adobe from a “buy” rating to a “hold” rating in a report on Monday, September 19th. Citigroup boosted their price objective on Adobe from $380.00 to $388.00 and gave the stock a “neutral” rating in a research report on Thursday, September 15th. Deutsche Bank Aktiengesellschaft cut their price objective on Adobe from $500.00 to $400.00 and set a “buy” rating for the company in a research report on Friday, September 16th. Evercore ISI lowered their price target on Adobe from $475.00 to $350.00 and set an “outperform” rating on the stock in a research note on Friday, September 16th. Finally, Credit Suisse Group lowered their price target on Adobe from $350.00 to $325.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 19th. Seventeen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $405.42.

Adobe Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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