Comerica Bank cut its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 18.8% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 143,769 shares of the software company’s stock after selling 33,285 shares during the period. Comerica Bank’s holdings in Adobe Systems were worth $36,196,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Rockland Trust Co. acquired a new position in shares of Adobe Systems in the 2nd quarter valued at approximately $700,000. Iberiabank Corp raised its position in shares of Adobe Systems by 32.5% in the 3rd quarter. Iberiabank Corp now owns 20,238 shares of the software company’s stock valued at $5,463,000 after purchasing an additional 4,959 shares in the last quarter. Sunesis Advisors LLC acquired a new position in shares of Adobe Systems in the 3rd quarter valued at approximately $204,000. Creative Planning raised its position in shares of Adobe Systems by 53.5% in the 2nd quarter. Creative Planning now owns 41,801 shares of the software company’s stock valued at $10,191,000 after purchasing an additional 14,574 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC acquired a new position in shares of Adobe Systems in the 2nd quarter valued at approximately $546,000. 85.02% of the stock is currently owned by hedge funds and other institutional investors.
ADBE has been the topic of a number of recent analyst reports. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 target price on the stock in a research report on Thursday, October 4th. BidaskClub lowered Adobe Systems from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. Guggenheim initiated coverage on Adobe Systems in a research report on Tuesday, August 7th. They issued a “neutral” rating and a $275.00 target price on the stock. Credit Suisse Group upped their target price on Adobe Systems from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, September 14th. Finally, KeyCorp reaffirmed a “buy” rating and issued a $286.00 target price (up from $276.00) on shares of Adobe Systems in a research report on Friday, September 14th. Ten equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $269.17.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the Zacks’ consensus estimate of $1.69 by $0.04. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. The firm’s revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.10 EPS. On average, equities analysts forecast that Adobe Systems Incorporated will post 5.66 earnings per share for the current fiscal year.
In related news, EVP Ann Lewnes sold 2,941 shares of the company’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the transaction, the executive vice president now directly owns 58,557 shares in the company, valued at approximately $15,877,144.98. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total value of $2,943,600.00. Following the transaction, the executive vice president now owns 68,071 shares of the company’s stock, valued at $16,697,816.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,790 shares of company stock valued at $5,247,062. 0.33% of the stock is owned by company insiders.
Adobe Systems Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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