Cullen Capital Management LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,431 shares of the software company's stock, valued at approximately $1,113,000.
A number of other large investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Adobe in the second quarter worth $8,437,821,000. State Street Corp grew its stake in shares of Adobe by 1.7% in the third quarter. State Street Corp now owns 20,632,009 shares of the software company's stock valued at $7,277,941,000 after buying an additional 352,448 shares in the last quarter. Geode Capital Management LLC lifted its position in Adobe by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 11,531,678 shares of the software company's stock worth $4,027,170,000 after acquiring an additional 414,049 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Adobe by 9.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,792,275 shares of the software company's stock valued at $1,651,066,000 after purchasing an additional 563,772 shares during the period. Finally, Norges Bank acquired a new stake in Adobe during the 4th quarter valued at $2,275,165,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts have commented on ADBE shares. Barclays cut their price objective on shares of Adobe from $275.00 to $250.00 and set an "equal weight" rating on the stock in a report on Friday, June 12th. JPMorgan Chase & Co. reduced their price target on Adobe from $420.00 to $340.00 and set an "overweight" rating for the company in a report on Friday, June 12th. Wells Fargo & Company dropped their price objective on Adobe from $330.00 to $250.00 and set an "overweight" rating on the stock in a report on Friday, June 12th. Jefferies Financial Group decreased their price target on shares of Adobe from $290.00 to $230.00 and set a "hold" rating for the company in a research report on Friday, June 12th. Finally, Bank of America lifted their price target on shares of Adobe from $190.00 to $220.00 and gave the stock an "underperform" rating in a research note on Wednesday, August 19th. Seven equities research analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat.com, Adobe currently has an average rating of "Hold" and an average price target of $270.96.
Check Out Our Latest Stock Analysis on Adobe
Insider Buying and Selling
In other Adobe news, CAO Jillian Forusz sold 416 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $264.33, for a total value of $109,961.28. Following the sale, the chief accounting officer directly owned 3,824 shares in the company, valued at approximately $1,010,797.92. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David A. Ricks purchased 10,000 shares of Adobe stock in a transaction dated Thursday, June 25th. The shares were purchased at an average cost of $194.51 per share, with a total value of $1,945,100.00. Following the acquisition, the director owned 17,655 shares of the company's stock, valued at approximately $3,434,074.05. This trade represents a 130.63% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.20% of the company's stock.
Adobe Stock Performance
Adobe stock opened at $276.27 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.75 and a quick ratio of 0.75. Adobe Inc. has a 12 month low of $190.12 and a 12 month high of $370.86. The company has a fifty day moving average price of $234.01 and a two-hundred day moving average price of $244.68. The company has a market cap of $109.82 billion, a PE ratio of 15.80, a P/E/G ratio of 0.93 and a beta of 1.40.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 11th. The software company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $5.82 by $0.14. The company had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6.45 billion. Adobe had a return on equity of 65.11% and a net margin of 28.69%.Adobe's quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.06 earnings per share. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. Research analysts expect that Adobe Inc. will post 19.8 earnings per share for the current year.
Adobe Profile
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Free Report)
Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.
The company's core offerings are organized around digital media and digital experience.
Further Reading
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