Cypress Capital Group Has $5.44 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

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

Other institutional investors also recently modified their holdings of the company. Piscataqua Savings Bank grew its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the 3rd quarter worth about $30,000. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory bought a new position in shares of Adobe in the second quarter worth about $39,000. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe during the third quarter worth approximately $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $499.50 on Thursday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock’s 50 day moving average is $505.27 and its 200-day moving average is $518.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $219.88 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating 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%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.26 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADBE. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’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 in the company, valued at $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Company 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.