Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 23,165 shares of the software company’s stock after selling 7,300 shares during the quarter. Cullinan Associates Inc.’s holdings in Adobe were worth $11,689,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Morgan Stanley boosted its stake in Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after buying an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Norges Bank bought a new position in Adobe during the fourth quarter valued at about $3,277,785,000. Fisher Asset Management LLC boosted its stake in Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after buying an additional 16,379 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Adobe by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after buying an additional 66,180 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,270 shares of company stock valued at $15,165,916. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADBE. Mizuho reiterated a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Piper Sandler Companies decreased their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Citigroup decreased their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. Finally, Wells Fargo & Company increased their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Stock Performance

Shares of ADBE stock traded up $6.56 during trading on Tuesday, reaching $566.57. The company had a trading volume of 1,029,412 shares, compared to its average volume of 3,565,736. The firm’s 50 day simple moving average is $485.04 and its two-hundred day simple moving average is $534.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market capitalization of $251.22 billion, a PE ratio of 50.75, a PEG ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period last year, the business earned $3.04 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

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.