Cypress Asset Management Inc. TX Takes $3.70 Million Position in Adobe Inc. (NASDAQ:ADBE)

Cypress Asset Management Inc. TX bought a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 8,255 shares of the software company's stock, valued at approximately $3,701,000.

Several other hedge funds have also added to or reduced their stakes in the business. Arizona State Retirement System lifted its position in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC acquired a new position in shares of Adobe during the 4th quarter valued at $1,173,000. Silicon Valley Capital Partners lifted its position in shares of Adobe by 4.1% during the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after acquiring an additional 236 shares during the period. Foundations Investment Advisors LLC lifted its position in shares of Adobe by 30.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company's stock valued at $16,012,000 after acquiring an additional 8,508 shares during the period. Finally, Horan Capital Advisors LLC. lifted its position in shares of Adobe by 2.4% during the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after acquiring an additional 114 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.3%

ADBE traded up $1.13 during mid-day trading on Thursday, hitting $413.36. 1,779,125 shares of the stock were exchanged, compared to its average volume of 3,439,002. The firm's fifty day moving average is $378.50 and its two-hundred day moving average is $430.10. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $176.17 billion, a PE ratio of 33.34, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the company earned $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research reports. DA Davidson lowered their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Robert W. Baird reduced their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, BMO Capital Markets reduced their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by company insiders.

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.