Iberiabank Corp Increases Stake in Adobe Systems Incorporated (ADBE)
Iberiabank Corp boosted its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 127.2% during the second quarter, Holdings Channel reports. The firm owned 10,352 shares of the software company’s stock after buying an additional 5,795 shares during the period. Iberiabank Corp’s holdings in Adobe Systems were worth $1,464,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the company. Clean Yield Group purchased a new position in Adobe Systems during the first quarter worth approximately $100,000. Washington Trust Bank increased its position in 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 purchased a new position in Adobe Systems during the first quarter worth approximately $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in 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, Proficio Capital Partners LLC increased its position in Adobe Systems by 25.0% in the first quarter. Proficio Capital Partners LLC now owns 1,220 shares of the software company’s stock worth $172,000 after buying an additional 244 shares during the period. Institutional investors and hedge funds own 88.05% of the company’s stock.
Adobe Systems Incorporated (NASDAQ:ADBE) traded up 1.12% on Friday, hitting $146.54. The company’s stock had a trading volume of 598,635 shares. Adobe Systems Incorporated has a 1-year low of $97.87 and a 1-year high of $150.40. The company has a 50 day moving average price of $145.66 and a 200-day moving average price of $132.82. The company has a market capitalization of $72.30 billion, a P/E ratio of 51.04 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. Adobe Systems’s revenue was up 26.7% compared to the same quarter last year. On average, equities analysts forecast that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION WARNING: “Iberiabank Corp Increases Stake in Adobe Systems Incorporated (ADBE)” was first reported by Daily Political and is owned by of Daily Political. If you are accessing this article on another domain, it was stolen and reposted in violation of international copyright & trademark law. The legal version of this article can be accessed at https://www.dailypolitical.com/2017/08/11/iberiabank-corp-increases-stake-in-adobe-systems-incorporated-adbe.html.
A number of research firms recently commented on ADBE. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 4th. Pacific Crest lifted their price target on Adobe Systems from $142.00 to $174.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 21st. Pivotal Research reiterated a “sell” rating and issued a $114.00 price target (up from $112.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Finally, Deutsche Bank AG lifted their price target on Adobe Systems from $140.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $154.20.
In other news, Director John E. Warnock sold 32,600 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total transaction of $311,034.57. Following the sale, the executive vice president now directly owns 61,944 shares in the company, valued at $8,628,179.76. The disclosure for this sale can be found here. Insiders have sold 102,239 shares of company stock worth $14,877,475 over the last three months. 0.38% of the stock is owned by insiders.
About Adobe Systems
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.
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Incorporated (NASDAQ:ADBE).
Receive News & Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.