Cullen Frost Bankers Inc. Sells 1,596 Shares of Adobe Inc. (NASDAQ:ADBE)

Cullen Frost Bankers Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,998 shares of the software company’s stock after selling 1,596 shares during the period. Cullen Frost Bankers Inc.’s holdings in Adobe were worth $38,181,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. HBC Financial Services PLLC bought a new stake in shares of Adobe in the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new stake in Adobe in the 4th quarter worth about $35,000. BluePath Capital Management LLC bought a new stake in Adobe in the 3rd quarter worth about $39,000. Hanseatic Management Services Inc. purchased a new stake in Adobe in the 3rd quarter valued at about $45,000. Finally, First Command Advisory Services Inc. bought a new position in shares of Adobe during the 3rd quarter worth approximately $52,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded down $1.32 on Tuesday, hitting $492.27. The stock had a trading volume of 2,517,845 shares, compared to its average volume of 3,431,529. The firm has a 50-day moving average of $505.80 and a 200-day moving average of $561.00. The company has a market capitalization of $220.54 billion, a price-to-earnings ratio of 47.06, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.97 earnings per share. Equities analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has initiated 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 repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ADBE. Piper Sandler Companies decreased their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Robert W. Baird decreased their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, KeyCorp started coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

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.