Cullen Frost Bankers Inc. Purchases 1,357 Shares of Adobe Inc. (NASDAQ:ADBE)

Cullen Frost Bankers Inc. grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,231 shares of the software company's stock after acquiring an additional 1,357 shares during the period. Cullen Frost Bankers Inc.'s holdings in Adobe were worth $21,950,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Geode Capital Management LLC boosted its holdings in Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp raised its position in Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. Norges Bank acquired a new position in Adobe in the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 0.3%

NASDAQ:ADBE traded down $0.99 during trading hours on Friday, reaching $365.47. The company's stock had a trading volume of 951,263 shares, compared to its average volume of 3,463,161. The firm has a 50-day simple moving average of $394.55 and a 200-day simple moving average of $403.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a market capitalization of $155.03 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 1.72 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Evercore ISI reaffirmed an "outperform" rating and set a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. DA Davidson reissued a "buy" rating and issued a $500.00 price target on shares of Adobe in a report on Friday, June 20th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and reduced their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $473.88.

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.