Adobe Inc (ADBE) Shares Reduced by Cullinan Associates Inc.

Adobe Inc (ADBE) Shares Reduced by Cullinan Associates Inc.

Cullinan Associates Inc. decreased its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 7.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,555 shares of the software company’s stock after selling 2,530 shares during the quarter. Cullinan Associates Inc.’s holdings in Adobe were worth $6,913,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Rehmann Capital Advisory Group grew its stake in Adobe by 3.9% in the third quarter. Rehmann Capital Advisory Group now owns 4,571 shares of the software company’s stock valued at $1,234,000 after purchasing an additional 171 shares in the last quarter. Carnegie Capital Asset Management LLC grew its stake in Adobe by 15.0% in the third quarter. Carnegie Capital Asset Management LLC now owns 1,412 shares of the software company’s stock valued at $337,000 after purchasing an additional 184 shares in the last quarter. Waldron Private Wealth LLC grew its stake in Adobe by 5.1% in the third quarter. Waldron Private Wealth LLC now owns 3,930 shares of the software company’s stock valued at $1,060,000 after purchasing an additional 192 shares in the last quarter. Moody National Bank Trust Division grew its stake in Adobe by 0.3% in the fourth quarter. Moody National Bank Trust Division now owns 75,565 shares of the software company’s stock valued at $17,096,000 after purchasing an additional 197 shares in the last quarter. Finally, Andra AP fonden grew its stake in Adobe by 0.7% in the third quarter. Andra AP fonden now owns 27,700 shares of the software company’s stock valued at $7,478,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 84.60% of the company’s stock.

Shares of NASDAQ ADBE traded down $1.37 during trading hours on Friday, hitting $236.40. 102,365 shares of the company’s stock were exchanged, compared to its average volume of 4,549,653. Adobe Inc has a 1-year low of $179.34 and a 1-year high of $277.61. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.66 and a current ratio of 1.13. The stock has a market capitalization of $114.92 billion, a PE ratio of 42.63, a P/E/G ratio of 2.31 and a beta of 1.16.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, December 13th. The software company reported $1.83 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.05). Adobe had a return on equity of 31.19% and a net margin of 28.69%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm posted $1.26 EPS. Adobe’s revenue for the quarter was up 20.6% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc will post 6.21 EPS for the current fiscal year.

A number of research analysts have commented on ADBE shares. BidaskClub upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 13th. KeyCorp restated a “buy” rating and issued a $286.00 target price (up previously from $276.00) on shares of Adobe in a research note on Friday, September 14th. Piper Jaffray Companies restated an “overweight” rating and issued a $290.00 target price on shares of Adobe in a research note on Friday, September 14th. They noted that the move was a valuation call. Stifel Nicolaus boosted their target price on Adobe from $275.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, September 14th. Finally, BMO Capital Markets boosted their target price on Adobe from $278.00 to $295.00 and gave the company an “outperform” rating in a research note on Friday, September 14th. Nine research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $275.14.

In other Adobe news, EVP Ann Lewnes sold 2,692 shares of the company’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $226.05, for a total value of $608,526.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $245.30, for a total value of $2,943,600.00. Following the completion of the transaction, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. Insiders have sold a total of 41,815 shares of company stock valued at $9,925,195 in the last three months. 0.33% of the stock is owned by insiders.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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