Wilbanks Smith & Thomas Asset Management LLC reduced its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,966 shares of the software company’s stock after selling 1,202 shares during the period. Wilbanks Smith & Thomas Asset Management LLC’s holdings in Adobe Systems were worth $4,290,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of ADBE. Clean Yield Group acquired a new stake in shares of Adobe Systems during the first quarter worth about $100,000. Washington Trust Bank increased its stake in shares of Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares during the period. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Adobe Systems during the first quarter worth about $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its stake in shares of Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after buying an additional 500 shares during the period. Finally, WFG Advisors LP increased its stake in shares of Adobe Systems by 10.1% in the first quarter. WFG Advisors LP now owns 1,263 shares of the software company’s stock worth $164,000 after buying an additional 116 shares during the period. 87.79% of the stock is owned by hedge funds and other institutional investors.
Shares of Adobe Systems Incorporated (ADBE) opened at 146.16 on Friday. The company has a market capitalization of $72.12 billion, a PE ratio of 50.91 and a beta of 1.00. The company has a 50 day moving average price of $140.44 and a 200 day moving average price of $124.84. Adobe Systems Incorporated has a 1-year low of $94.06 and a 1-year high of $147.45.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the company posted $0.71 EPS. The firm’s revenue for the quarter was up 26.7% on a year-over-year basis. Equities analysts predict that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.
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A number of equities research analysts recently issued reports on the company. BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 4th. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Adobe Systems in a research report on Monday, June 26th. KeyCorp reiterated a “buy” rating on shares of Adobe Systems in a research report on Sunday, June 25th. Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price objective on the stock in a research report on Friday, June 23rd. Finally, JMP Securities reiterated an “outperform” rating and issued a $152.00 price objective (up previously from $138.00) on shares of Adobe Systems in a research report on Thursday, June 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $153.18.
In other Adobe Systems news, EVP Ann Lewnes sold 2,233 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total value of $311,034.57. Following the transaction, the executive vice president now directly owns 61,944 shares in the company, valued at approximately $8,628,179.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John E. Warnock sold 32,600 shares of the company’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the transaction, the director now owns 16,088 shares in the company, valued at $2,317,798.16. The disclosure for this sale can be found here. Insiders sold a total of 80,019 shares of company stock worth $11,527,134 over the last three months. 0.38% of the stock is currently owned by corporate insiders.
Adobe Systems Company Profile
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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