Cullinan Associates Inc. Has $10.55 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Cullinan Associates Inc. grew its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 0.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 31,362 shares of the software company’s stock after acquiring an additional 40 shares during the period. Cullinan Associates Inc.’s holdings in Adobe were worth $10,554,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. VELA Investment Management LLC boosted its holdings in shares of Adobe by 122.2% during the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after buying an additional 1,077 shares during the period. Bornite Capital Management LP bought a new position in Adobe during the first quarter worth about $15,947,000. United Bank raised its stake in Adobe by 34.7% in the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after purchasing an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after purchasing an additional 91,328 shares during the period. Finally, Ergoteles LLC grew its position in shares of Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after purchasing an additional 3,860 shares in the last quarter. 79.36% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 209 shares of the firm’s stock in a transaction that occurred on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $74,282.78. Following the completion of the transaction, the chief accounting officer now directly owns 3,479 shares in the company, valued at $1,236,506.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,906 shares of the stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total value of $1,032,850.52. Following the sale, the executive vice president now owns 26,475 shares in the company, valued at $9,409,744.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 209 shares of Adobe stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $74,282.78. Following the sale, the chief accounting officer now directly owns 3,479 shares of the company’s stock, valued at approximately $1,236,506.18. The disclosure for this sale can be found here. Insiders sold 26,265 shares of company stock valued at $9,067,344 over the last three months. Company insiders own 0.24% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $358.14 on Friday. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $473.49. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.12 and a quick ratio of 1.11. The business has a fifty day simple moving average of $353.24 and a two-hundred day simple moving average of $333.90. The company has a market capitalization of $164.24 billion, a P/E ratio of 35.28, a P/E/G ratio of 2.21 and a beta of 1.27.

Adobe (NASDAQ:ADBE – Get Rating) last announced its quarterly earnings data on Wednesday, March 15th. The software company reported $3.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.68 by $0.12. The business had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.62 billion. Adobe had a return on equity of 36.53% and a net margin of 26.32%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.84 EPS. On average, analysts expect that Adobe Inc. will post 12.26 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ADBE shares. StockNews.com started coverage on shares of Adobe in a research report on Thursday. They issued a “buy” rating for the company. Stifel Nicolaus upped their target price on Adobe from $375.00 to $400.00 in a research report on Friday, December 16th. William Blair began coverage on Adobe in a report on Tuesday, January 17th. They set an “outperform” rating on the stock. Barclays lifted their target price on Adobe from $340.00 to $385.00 in a report on Thursday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $395.00 target price on shares of Adobe in a research report on Monday, March 13th. Sixteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $415.70.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.