Cypress Capital Group Has $5.95 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cypress Capital Group cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,706 shares of the software company’s stock after selling 542 shares during the quarter. Cypress Capital Group’s holdings in Adobe were worth $5,948,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Evolution Advisers Inc. lifted its stake in shares of Adobe by 14.3% in the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after buying an additional 17 shares in the last quarter. Sound View Wealth Advisors Group LLC raised its holdings in shares of Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after acquiring an additional 17 shares during the last quarter. Wade G W & Inc. lifted its position in Adobe by 0.5% in the 4th quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after acquiring an additional 18 shares in the last quarter. Invst LLC increased its holdings in Adobe by 2.1% during the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock worth $567,000 after purchasing an additional 19 shares in the last quarter. Finally, Onyx Bridge Wealth Group LLC raised its stake in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 over the last ninety days. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Robert W. Baird upped their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Barclays lifted their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Trading Up 0.2 %

Shares of ADBE stock traded up $0.86 on Friday, hitting $558.30. 2,023,465 shares of the company’s stock traded hands, compared to its average volume of 3,250,660. The stock has a market capitalization of $247.55 billion, a price-to-earnings ratio of 50.16, a P/E/G ratio of 2.85 and a beta of 1.30. The company’s fifty day simple moving average is $546.08 and its 200 day simple moving average is $520.08. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

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.