Central Bank & Trust Co. Has $7.16 Million Stake in Adobe Systems Incorporated (NASDAQ:ADBE)
Central Bank & Trust Co. lowered its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 8.3% during the second quarter, Holdings Channel reports. The fund owned 50,587 shares of the software company’s stock after selling 4,570 shares during the period. Adobe Systems comprises about 1.9% of Central Bank & Trust Co.’s holdings, making the stock its 12th largest position. Central Bank & Trust Co.’s holdings in Adobe Systems were worth $7,155,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clean Yield Group bought a new position in Adobe Systems during the first quarter valued at approximately $100,000. Washington Trust Bank boosted 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 valued at $109,000 after buying an additional 102 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new position in Adobe Systems during the first quarter valued at approximately $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted 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 valued at $141,000 after buying an additional 500 shares during the last quarter. Finally, Proficio Capital Partners LLC boosted 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 valued at $172,000 after buying an additional 244 shares during the last quarter. 88.05% of the stock is owned by hedge funds and other institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded up 1.07% during trading on Friday, reaching $146.47. The company had a trading volume of 1,382,926 shares. The stock has a 50 day moving average of $145.74 and a 200 day moving average of $133.08. The stock has a market capitalization of $72.27 billion, a price-to-earnings ratio of 51.02 and a beta of 1.00. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $150.40.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The business’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 earnings per share. Equities research analysts forecast that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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Several research analysts recently commented on the company. Royal Bank Of Canada reissued a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub cut Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 4th. Pacific Crest boosted their target price 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 reissued a “sell” rating and set a $114.00 target price (up from $112.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Finally, Deutsche Bank AG boosted their target price 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 analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $154.20.
In other news, Director Charles M. Geschke sold 25,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $145.16, for a total transaction of $3,629,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John E. Warnock sold 32,600 shares of Adobe Systems stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the sale, the director now directly owns 16,088 shares in the company, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,239 shares of company stock worth $14,877,475. Corporate insiders own 0.38% of the company’s stock.
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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