Cullen Frost Bankers Inc. Sells 390 Shares of Adobe Inc. (NASDAQ:ADBE)

Cullen Frost Bankers Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,874 shares of the software company’s stock after selling 390 shares during the period. Cullen Frost Bankers Inc.’s holdings in Adobe were worth $24,846,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Swedbank AB increased its stake in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the period. Catalyst Capital Advisors LLC increased its stake in shares of Adobe by 20.3% in the third quarter. Catalyst Capital Advisors LLC now owns 516 shares of the software company’s stock worth $267,000 after purchasing an additional 87 shares during the period. Pittenger & Anderson Inc. increased its stake in shares of Adobe by 7.3% in the third quarter. Pittenger & Anderson Inc. now owns 3,005 shares of the software company’s stock worth $1,556,000 after purchasing an additional 205 shares during the period. HF Advisory Group LLC increased its stake in shares of Adobe by 2.8% in the third quarter. HF Advisory Group LLC now owns 2,796 shares of the software company’s stock worth $1,448,000 after purchasing an additional 76 shares during the period. Finally, Avidian Wealth Enterprises LLC increased its stake in shares of Adobe by 11.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 2,000 shares of the software company’s stock worth $1,036,000 after purchasing an additional 198 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 1.2 %

Shares of ADBE opened at $451.24 on Thursday. The company has a market capitalization of $196.42 billion, a P/E ratio of 36.39, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The business’s 50 day simple moving average is $439.61 and its 200-day simple moving average is $488.77.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.52 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ADBE shares. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus dropped their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Wells Fargo & Company decreased their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

About Adobe

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.