Cyrus J. Lawrence LLC Has $12.03 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cyrus J. Lawrence LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 4.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,649 shares of the software company’s stock after selling 1,120 shares during the quarter. Adobe accounts for about 2.4% of Cyrus J. Lawrence LLC’s investment portfolio, making the stock its 14th largest holding. Cyrus J. Lawrence LLC’s holdings in Adobe were worth $12,026,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP lifted its position in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. Swedbank AB acquired a new stake in Adobe during the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe in the second quarter worth $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP raised its position in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.8 %

Shares of NASDAQ:ADBE opened at $522.30 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $231.59 billion, a P/E ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company’s 50-day moving average price is $549.18 and its two-hundred day moving average price is $518.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was 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 in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $18,205,903 over the last three months. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Barclays lifted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.