Cullinan Associates Inc. Sells 7,300 Shares of Adobe Inc. (NASDAQ:ADBE)

Cullinan Associates Inc. decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 24.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,165 shares of the software company’s stock after selling 7,300 shares during the period. Cullinan Associates Inc.’s holdings in Adobe were worth $11,689,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Waverly Advisors LLC increased its holdings in Adobe by 49.6% during the third quarter. Waverly Advisors LLC now owns 1,146 shares of the software company’s stock valued at $584,000 after buying an additional 380 shares during the last quarter. Truist Financial Corp increased its holdings in Adobe by 18.8% during the third quarter. Truist Financial Corp now owns 241,903 shares of the software company’s stock valued at $123,346,000 after buying an additional 38,352 shares during the last quarter. Axxcess Wealth Management LLC increased its holdings in Adobe by 40.2% during the third quarter. Axxcess Wealth Management LLC now owns 20,474 shares of the software company’s stock valued at $10,440,000 after buying an additional 5,870 shares during the last quarter. AXQ Capital LP purchased a new stake in Adobe during the third quarter valued at approximately $1,122,000. Finally, Alkeon Capital Management LLC purchased a new stake in shares of Adobe in the third quarter worth $152,970,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.2 %

NASDAQ ADBE traded up $6.56 during trading on Tuesday, reaching $566.57. 1,029,412 shares of the company’s stock traded hands, compared to its average volume of 3,565,736. The company’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 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market cap of $251.22 billion, a price-to-earnings ratio of 50.75, a price-to-earnings-growth 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 (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the previous year, the firm earned $3.04 EPS. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADBE. TD Cowen reduced their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Piper Sandler Companies dropped their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, HSBC dropped their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $607.67.

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.