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

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

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Swedbank AB lifted its stake in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank lifted its stake in shares of Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Avior Wealth Management LLC lifted its stake in shares of Adobe by 29.1% in the third quarter. Avior Wealth Management LLC now owns 789 shares of the software company’s stock worth $409,000 after acquiring an additional 178 shares during the period. Landscape Capital Management L.L.C. acquired a new position in shares of Adobe in the third quarter worth approximately $1,099,000. Finally, LPL Financial LLC lifted its stake in shares of Adobe by 0.3% in the third quarter. LPL Financial LLC now owns 426,883 shares of the software company’s stock worth $221,032,000 after acquiring an additional 1,443 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on ADBE. BMO Capital Markets dropped their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday. 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 company. Based on data from MarketBeat.com, the company has a consensus 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. The company has a market capitalization of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day moving average price of $434.16 and a two-hundred day moving average price of $476.46. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 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 prior year, the firm earned $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Insiders own 0.16% of the company’s stock.

Adobe Profile

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.