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

Cullinan Associates Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 40.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,597 shares of the software company’s stock after selling 7,898 shares during the quarter. Cullinan Associates Inc.’s holdings in Adobe were worth $5,157,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB boosted its holdings in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares during the period. GAMMA Investing LLC lifted its holdings in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares during the period. Finally, Morse Asset Management Inc raised its position in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Stifel Nicolaus cut their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Barclays lowered their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $438.60 on Tuesday. The firm has a market capitalization of $190.92 billion, a P/E ratio of 35.37, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $634.59. The company has a 50-day moving average price of $461.97 and a 200-day moving average price of $502.99. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.52 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Company 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.