Cullinan Associates Inc. Sells 3,272 Shares of Adobe Inc. (NASDAQ:ADBE)

Cullinan Associates Inc. lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 14.4% in the 3rd quarter, according to the company in 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 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC raised its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter worth about $33,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the 2nd quarter valued at about $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 0.8 %

Shares of ADBE traded up $3.90 on Friday, reaching $486.77. 272,668 shares of the company’s stock were exchanged, compared to its average volume of 3,180,011. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a market capitalization of $215.83 billion, a P/E ratio of 43.38, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. 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 business has a 50 day moving average price of $532.85 and a two-hundred day moving average price of $515.83.

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

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Stifel Nicolaus increased their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. UBS Group decreased their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Sanford C. Bernstein reduced their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

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

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.