Cypress Wealth Services LLC Has $253,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Cypress Wealth Services LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 455 shares of the software company’s stock after selling 24 shares during the period. Cypress Wealth Services LLC’s holdings in Adobe were worth $253,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in Adobe during the 4th quarter worth approximately $35,000. Steph & Co. grew its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in Adobe during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ADBE shares. Citigroup decreased their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. Barclays increased their price target on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Stifel Nicolaus decreased their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Performance

Adobe stock traded up $6.06 during midday trading on Friday, reaching $536.30. 1,272,635 shares of the company’s stock were exchanged, compared to its average volume of 3,346,469. Adobe Inc. has a 52 week low of $433.97 and a 52 week 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. The firm has a market cap of $237.80 billion, a price-to-earnings ratio of 48.19, a P/E/G ratio of 2.85 and a beta of 1.30. The stock’s 50-day simple moving average is $528.34 and its 200 day simple moving average is $525.64.

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