Sandy Spring Bank Sells 371 Shares of Adobe Systems Incorporated (ADBE)
Sandy Spring Bank lowered its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 6.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,653 shares of the software company’s stock after selling 371 shares during the period. Sandy Spring Bank’s holdings in Adobe Systems were worth $843,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC boosted its stake in Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after buying an additional 1,651,762 shares in the last quarter. BlackRock Inc. boosted its stake in Adobe Systems by 8.2% during the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after buying an additional 2,621,275 shares in the last quarter. Vanguard Group Inc. boosted its stake in Adobe Systems by 2.9% during the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock worth $4,808,783,000 after buying an additional 943,487 shares in the last quarter. State Street Corp boosted its stake in Adobe Systems by 1.2% during the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after buying an additional 234,270 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Adobe Systems by 784.4% during the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock worth $1,587,936,000 after buying an additional 9,957,241 shares in the last quarter. Hedge funds and other institutional investors own 87.68% of the company’s stock.
ADBE has been the topic of a number of recent research reports. Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price target on the stock in a research note on Tuesday, July 18th. Royal Bank Of Canada reiterated a “buy” rating and set a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Jefferies Group LLC initiated coverage on shares of Adobe Systems in a research note on Thursday, August 24th. They set a “buy” rating and a $175.00 price target on the stock. Finally, Bank of America Corporation lifted their price target on shares of Adobe Systems from $108.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 25th. Seven investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems currently has a consensus rating of “Buy” and a consensus target price of $173.56.
In related news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $181.19, for a total transaction of $353,864.07. Following the completion of the sale, the executive vice president now directly owns 52,450 shares of the company’s stock, valued at approximately $9,503,415.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Matthew Thompson sold 2,190 shares of the stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $173.42, for a total value of $379,789.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,849 shares of company stock valued at $2,519,679. 0.38% of the stock is owned by company insiders.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded down $0.70 during mid-day trading on Friday, hitting $181.22. The stock had a trading volume of 442,135 shares, compared to its average volume of 2,422,572. Adobe Systems Incorporated has a one year low of $98.00 and a one year high of $184.44. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.23. The company has a market cap of $89,680.00, a PE ratio of 55.44, a PEG ratio of 3.13 and a beta of 1.05.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the prior year, the business earned $0.75 EPS. Adobe Systems’s revenue for the quarter was up 25.8% compared to the same quarter last year. analysts anticipate that Adobe Systems Incorporated will post 3.46 EPS for the current year.
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.
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