Cyrus J. Lawrence LLC Sells 893 Shares of Adobe Inc. (NASDAQ:ADBE)

Cyrus J. Lawrence LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,248 shares of the software company’s stock after selling 893 shares during the quarter. Adobe comprises approximately 1.7% of Cyrus J. Lawrence LLC’s holdings, making the stock its 23rd biggest position. Cyrus J. Lawrence LLC’s holdings in Adobe were worth $9,003,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter valued at $26,000. True Wealth Design LLC grew its stake in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Decker Retirement Planning Inc. bought a new position in shares of Adobe in the fourth quarter valued at $31,000. Caitlin John LLC grew its stake in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares in the last quarter. Finally, Mascoma Wealth Management LLC grew its stake in shares of Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. BMO Capital Markets cut their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. JPMorgan Chase & Co. cut their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Robert W. Baird cut their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday. Eleven equities research 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $538.80.

Adobe Stock Down 0.6 %

Shares of NASDAQ ADBE opened at $387.26 on Friday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s fifty day moving average is $434.16 and its 200 day moving average is $476.46. The stock has a market capitalization of $168.62 billion, a P/E ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its 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 firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the business posted $4.48 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last 90 days. Insiders own 0.16% of the company’s stock.

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.