8,255 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Cypress Asset Management Inc. TX

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

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Ameriflex Group Inc. acquired a new stake in Adobe during the fourth quarter worth about $265,000. Challenger Wealth Management acquired a new stake in Adobe during the fourth quarter worth about $775,000. American Trust raised its stake in Adobe by 13.9% during the fourth quarter. American Trust now owns 2,325 shares of the software company’s stock worth $1,034,000 after acquiring an additional 283 shares during the period. Putney Financial Group LLC acquired a new stake in Adobe during the fourth quarter worth about $510,000. Finally, PVG Asset Management Corp acquired a new stake in Adobe during the fourth quarter worth about $223,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction that occurred on 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 completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. BMO Capital Markets decreased their target price 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. Finally, Mizuho decreased their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Trading Down 1.6%

Adobe stock opened at $407.69 on Friday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a market capitalization of $173.76 billion, a PE ratio of 32.88, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm has a 50 day simple moving average of $377.13 and a 200-day simple moving average of $431.44. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the business earned $4.48 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.65 EPS 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.