Coastline Trust Co Sells 5,390 Shares of Adobe Systems Incorporated (ADBE)
Coastline Trust Co trimmed its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 13.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,430 shares of the software company’s stock after selling 5,390 shares during the quarter. Adobe Systems makes up 0.9% of Coastline Trust Co’s holdings, making the stock its 20th largest holding. Coastline Trust Co’s holdings in Adobe Systems were worth $4,987,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Capital Advisors Ltd. LLC purchased a new position in shares of Adobe Systems during the second quarter valued at $100,000. Parkside Financial Bank & Trust grew its holdings in shares of Adobe Systems by 170.3% during the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after buying an additional 567 shares in the last quarter. BB&T Investment Services Inc. grew its holdings in shares of Adobe Systems by 42.4% during the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after buying an additional 275 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. purchased a new position in shares of Adobe Systems during the second quarter valued at $141,000. Finally, Acrospire Investment Management LLC grew its holdings in shares of Adobe Systems by 100.0% during the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 87.45% of the company’s stock.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated Wednesday, October 11th. The stock was sold at an average price of $152.09, for a total value of $297,031.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John E. Warnock sold 6,800 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $174.20, for a total value of $1,184,560.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,802,529.60. The disclosure for this sale can be found here. Insiders sold 12,896 shares of company stock valued at $2,215,246 in the last ninety days. Insiders own 0.38% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at $176.83 on Thursday. The stock has a market capitalization of $85,052.38, a price-to-earnings ratio of 51.97, a P/E/G ratio of 2.18 and a beta of 1.05. Adobe Systems Incorporated has a 12-month low of $101.91 and a 12-month high of $186.27. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.23.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share 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 company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. equities analysts forecast that Adobe Systems Incorporated will post 3.46 EPS for the current year.
ADBE has been the topic of a number of research analyst reports. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. BMO Capital Markets reiterated an “outperform” rating and set a $165.00 price target on shares of Adobe Systems in a report on Thursday, September 21st. Robert W. Baird set a $160.00 price target on Adobe Systems and gave the company a “buy” rating in a report on Friday, October 6th. Barclays lifted their price target on Adobe Systems from $167.00 to $181.00 and gave the company an “overweight” rating in a report on Thursday, October 19th. Finally, Vetr downgraded Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target on the stock. in a report on Thursday, August 31st. Six research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Adobe Systems presently has an average rating of “Buy” and a consensus price target of $179.26.
Adobe Systems 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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