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

Key Points

• Cypress Capital Group reduced its stake in Adobe Inc. by 32.5%, now owning 6,196 shares valued at approximately $2.38 million.
• Adobe reported earnings per share (EPS) of $5.06 for the last quarter, surpassing estimates, with a revenue of $5.87 billion, marking a year-over-year increase of 10.6%.
• Research analysts have mixed ratings on Adobe, with a consensus rating of "Moderate Buy" and an average target price of $473.88.

Cypress Capital Group lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,196 shares of the software company's stock after selling 2,985 shares during the period. Cypress Capital Group's holdings in Adobe were worth $2,376,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Cadence Bank boosted its position in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its position in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares in the last quarter. RB Capital Management LLC lifted its position in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after acquiring an additional 22 shares in the last quarter. Orin Green Financial LLC lifted its position in Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after acquiring an additional 23 shares in the last quarter. Finally, Diligent Investors LLC lifted its position in Adobe by 1.2% in the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock valued at $961,000 after acquiring an additional 26 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research report on Wednesday, July 2nd. Oppenheimer lowered their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Mizuho lowered their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Price Performance

ADBE stock traded up $12.64 during trading on Wednesday, reaching $351.07. The company's stock had a trading volume of 4,371,225 shares, compared to its average volume of 3,801,436. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $148.92 billion, a P/E ratio of 22.46, a price-to-earnings-growth ratio of 1.58 and a beta of 1.51. The company's fifty day moving average is $375.67 and its 200-day moving average is $394.37.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the business posted $4.48 EPS. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.