Cypress Capital Group Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cypress Capital Group lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,181 shares of the software company's stock after selling 1,331 shares during the quarter. Cypress Capital Group's holdings in Adobe were worth $4,083,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ADBE. Proficio Capital Partners LLC lifted its position in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. FMR LLC lifted its position in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock worth $519,646,000 after purchasing an additional 347,536 shares during the period. Seilern Investment Management Ltd purchased a new stake in Adobe during the fourth quarter worth about $110,744,000. Finally, Erste Asset Management GmbH purchased a new stake in Adobe during the third quarter worth about $126,703,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Performance

Shares of ADBE stock traded up $5.21 during trading hours on Wednesday, hitting $451.24. The stock had a trading volume of 2,404,505 shares, compared to its average volume of 3,415,368. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock's 50 day moving average is $439.61 and its 200 day moving average is $488.77. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The firm has a market capitalization of $196.42 billion, a PE ratio of 36.39, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. The company's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. BMO Capital Markets cut their price target on shares of Adobe from $570.00 to $515.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 19th. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Finally, Oppenheimer cut their price target on shares of Adobe from $625.00 to $600.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $570.88.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of the firm's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company's stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. 0.15% of the stock is currently owned by company insiders.

About Adobe

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.