Cypress Asset Management Inc. TX trimmed its stake in Adobe Inc (NASDAQ:ADBE) by 3.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,945 shares of the software company’s stock after selling 310 shares during the period. Cypress Asset Management Inc. TX’s holdings in Adobe were worth $2,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Marquette Asset Management LLC grew its position in Adobe by 114.3% in the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after purchasing an additional 48 shares during the last quarter. JNBA Financial Advisors grew its position in Adobe by 666.7% in the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Manchester Financial Inc. acquired a new stake in Adobe in the 2nd quarter worth $28,000. Hexavest Inc. grew its position in Adobe by 58.2% in the 3rd quarter. Hexavest Inc. now owns 106 shares of the software company’s stock worth $29,000 after purchasing an additional 39 shares during the last quarter. Finally, Ellis Investment Partners LLC acquired a new stake in Adobe in the 2nd quarter worth $30,000. Institutional investors own 86.35% of the company’s stock.
ADBE has been the topic of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Adobe from $320.00 to $315.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 18th. Griffin Securities raised their price target on shares of Adobe from $303.00 to $317.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. ValuEngine lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. BidaskClub lowered shares of Adobe from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Cleveland Research assumed coverage on shares of Adobe in a research report on Tuesday, October 15th. They issued a “neutral” rating and a $283.00 price target on the stock. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company. Adobe presently has a consensus rating of “Hold” and a consensus price target of $301.04.
Shares of Adobe stock traded down $2.28 during trading on Monday, hitting $263.24. 50,398 shares of the company’s stock traded hands, compared to its average volume of 2,888,725. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The firm’s fifty day moving average price is $278.16 and its 200 day moving average price is $283.92. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $313.11. The company has a market cap of $130.33 billion, a PE ratio of 47.74, a PEG ratio of 2.59 and a beta of 1.09.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.08. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.82 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.73 earnings per share. As a group, equities research analysts anticipate that Adobe Inc will post 6.39 earnings per share for the current year.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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