Adobe Inc. (NASDAQ:ADBE) Position Trimmed by Cullinan Associates Inc.

Cullinan Associates Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,495 shares of the software company’s stock after selling 3,272 shares during the period. Cullinan Associates Inc.’s holdings in Adobe were worth $9,709,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ADBE. Cypress Wealth Services LLC lifted its stake in Adobe by 40.1% in the first quarter. Cypress Wealth Services LLC now owns 479 shares of the software company’s stock valued at $242,000 after buying an additional 137 shares during the last quarter. Register Financial Advisors LLC bought a new stake in Adobe in the 1st quarter valued at about $111,000. Cambridge Advisors Inc. acquired a new position in Adobe during the 1st quarter valued at about $202,000. Kathmere Capital Management LLC grew its position in Adobe by 1.9% in the 1st quarter. Kathmere Capital Management LLC now owns 3,073 shares of the software company’s stock worth $1,551,000 after purchasing an additional 58 shares during the last quarter. Finally, Astoria Portfolio Advisors LLC. increased its stake in shares of Adobe by 4.1% in the first quarter. Astoria Portfolio Advisors LLC. now owns 888 shares of the software company’s stock valued at $417,000 after purchasing an additional 35 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,030 shares of company stock worth $17,176,005. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 0.8 %

NASDAQ ADBE traded up $3.90 during trading on Friday, reaching $486.77. 272,668 shares of the company’s stock were exchanged, compared to its average volume of 3,180,011. The firm has a market capitalization of $215.83 billion, a PE ratio of 43.38, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $532.85 and its 200-day simple moving average is $515.83.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.26 EPS. Sell-side analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADBE. Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average 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.