Suntrust Banks Inc. increased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 18.6% during the first quarter, Holdings Channel reports. The fund owned 57,685 shares of the software company’s stock after buying an additional 9,052 shares during the period. Suntrust Banks Inc.’s holdings in Adobe Systems were worth $12,463,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Avestar Capital LLC acquired a new position in shares of Adobe Systems in the 4th quarter worth $109,000. Reilly Financial Advisors LLC grew its holdings in shares of Adobe Systems by 85.2% in the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock worth $124,000 after acquiring an additional 265 shares during the last quarter. Exchange Capital Management Inc. acquired a new position in shares of Adobe Systems in the 1st quarter worth $125,000. Rainier Group Investment Advisory LLC acquired a new position in shares of Adobe Systems in the 1st quarter worth $130,000. Finally, Archford Capital Strategies LLC acquired a new position in shares of Adobe Systems in the 1st quarter worth $136,000. Institutional investors and hedge funds own 85.39% of the company’s stock.
In other Adobe Systems news, EVP Ann Lewnes sold 2,945 shares of the business’s stock in a transaction dated Wednesday, June 20th. The stock was sold at an average price of $253.50, for a total value of $746,557.50. Following the completion of the sale, the executive vice president now owns 67,377 shares of the company’s stock, valued at $17,080,069.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles M. Geschke sold 16,000 shares of the business’s stock in a transaction dated Friday, April 20th. The stock was sold at an average price of $224.35, for a total value of $3,589,600.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,824 shares of company stock valued at $10,946,578. Insiders own 0.33% of the company’s stock.
A number of brokerages recently issued reports on ADBE. KeyCorp lifted their target price on Adobe Systems to $252.00 and gave the stock an “overweight” rating in a report on Friday, March 16th. Wells Fargo & Co lifted their target price on Adobe Systems from $200.00 to $250.00 and gave the stock a “market perform” rating in a report on Friday, June 15th. Jefferies Financial Group lifted their target price on Adobe Systems to $263.00 and gave the stock a “buy” rating in a report on Friday, March 16th. DZ Bank upgraded Adobe Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 20th. Finally, Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 target price on the stock in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $240.21.
ADBE opened at $243.63 on Friday. The firm has a market cap of $122.54 billion, a P/E ratio of 67.86, a PEG ratio of 2.74 and a beta of 1.08. Adobe Systems Incorporated has a 1 year low of $138.31 and a 1 year high of $258.91. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.22.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.12. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Adobe Systems had a return on equity of 27.31% and a net margin of 26.68%. The business’s revenue for the quarter was up 23.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 earnings per share. analysts predict that Adobe Systems Incorporated will post 5.61 earnings per share for the current year.
Adobe Systems announced that its Board of Directors has authorized a share repurchase program on Monday, May 21st that authorizes the company to repurchase $8.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 6.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
About Adobe Systems
Adobe Systems Incorporated 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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