Cullen Frost Bankers Inc. Has $38.18 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Cullen Frost Bankers Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund 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.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. HBC Financial Services PLLC bought a new position in shares of Adobe in the third quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $35,000. BluePath Capital Management LLC bought a new position in Adobe in the 3rd quarter worth approximately $39,000. Hanseatic Management Services Inc. acquired a new position in Adobe during the 3rd quarter worth $45,000. Finally, First Command Advisory Services Inc. bought a new position in Adobe in the 3rd quarter valued at $52,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADBE. JPMorgan Chase & Co. cut their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson reissued a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.3 %

ADBE stock traded down $1.32 during trading hours on Tuesday, reaching $492.27. 2,517,845 shares of the stock were exchanged, compared to its average volume of 3,431,529. The firm’s 50-day moving average is $505.80 and its 200-day moving average is $561.00. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a market cap of $220.54 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 2.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted 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 business had revenue of $5.18 billion during 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%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company earned $2.97 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Adobe 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.