Montecito Bank & Trust trimmed its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 24.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,765 shares of the software company’s stock after selling 585 shares during the quarter. Montecito Bank & Trust’s holdings in Adobe Systems were worth $476,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Adobe Systems during the 2nd quarter valued at about $107,000. Rainier Group Investment Advisory LLC purchased a new stake in shares of Adobe Systems during the 1st quarter valued at about $130,000. Mount Yale Investment Advisors LLC purchased a new stake in shares of Adobe Systems during the 1st quarter valued at about $132,000. Centaurus Financial Inc. purchased a new stake in shares of Adobe Systems during the 2nd quarter valued at about $170,000. Finally, Cerebellum GP LLC raised its position in shares of Adobe Systems by 55.8% during the 2nd quarter. Cerebellum GP LLC now owns 712 shares of the software company’s stock valued at $174,000 after buying an additional 255 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.
A number of analysts recently weighed in on ADBE shares. BidaskClub lowered shares of Adobe Systems from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 target price on the stock in a research note on Thursday, October 4th. Argus upped their target price on shares of Adobe Systems from $289.00 to $320.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. Robert W. Baird upped their target price on shares of Adobe Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Friday, September 14th. Finally, Jefferies Financial Group upped their target price on shares of Adobe Systems to $315.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. Ten analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $262.03.
In other Adobe Systems news, EVP Ann Lewnes sold 2,940 shares of the firm’s stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $257.86, for a total value of $758,108.40. Following the completion of the sale, the executive vice president now directly owns 64,437 shares in the company, valued at $16,615,724.82. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Abhay Parasnis sold 10,500 shares of the firm’s stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total transaction of $2,730,105.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,320 shares of company stock valued at $5,031,554. 0.33% of the stock is owned by insiders.
Shares of ADBE opened at $248.87 on Friday. The company has a market capitalization of $131.77 billion, a price-to-earnings ratio of 69.32, a PEG ratio of 2.91 and a beta of 1.08. Adobe Systems Incorporated has a twelve month low of $148.15 and a twelve month high of $277.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.66.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. Adobe Systems’s revenue was up 24.4% compared to the same quarter last year. During the same period last year, the firm earned $1.10 earnings per share. On average, equities analysts predict that Adobe Systems Incorporated will post 5.65 earnings per share for the current fiscal year.
Adobe Systems Profile
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.
Further Reading: Understanding the different types of bonds
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Incorporated (NASDAQ:ADBE).
Receive News & Ratings for Adobe Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems and related companies with MarketBeat.com's FREE daily email newsletter.