Suntrust Banks Inc. increased its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 18.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm 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 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. grew its position in Adobe Systems by 3.6% during the first quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock valued at $7,316,684,000 after purchasing an additional 1,185,325 shares in the last quarter. PointState Capital LP lifted its stake in Adobe Systems by 2,178.0% in the first quarter. PointState Capital LP now owns 1,100,014 shares of the software company’s stock valued at $237,691,000 after acquiring an additional 1,051,726 shares during the last quarter. Maverick Capital Ltd. lifted its stake in Adobe Systems by 49.2% in the fourth quarter. Maverick Capital Ltd. now owns 2,192,956 shares of the software company’s stock valued at $384,294,000 after acquiring an additional 722,872 shares during the last quarter. Winslow Capital Management LLC lifted its stake in Adobe Systems by 77.9% in the fourth quarter. Winslow Capital Management LLC now owns 1,559,046 shares of the software company’s stock valued at $273,207,000 after acquiring an additional 682,503 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Adobe Systems by 85.5% in the fourth quarter. Millennium Management LLC now owns 1,439,110 shares of the software company’s stock valued at $252,190,000 after acquiring an additional 663,194 shares during the last quarter. 85.49% of the stock is owned by institutional investors and hedge funds.
In other Adobe Systems news, Director Charles M. Geschke sold 16,000 shares of the company’s stock in a transaction on Friday, April 20th. The stock was sold at an average price of $224.35, for a total value of $3,589,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 11th. The shares were sold at an average price of $223.77, for a total value of $671,310.00. Following the completion of the transaction, the director now owns 16,088 shares of the company’s stock, valued at approximately $3,600,011.76. The disclosure for this sale can be found here. Insiders have sold 33,824 shares of company stock worth $7,915,158 over the last ninety days. 0.33% of the stock is owned by insiders.
Shares of Adobe Systems stock traded up $4.00 during midday trading on Friday, reaching $243.81. The company had a trading volume of 3,699,144 shares, compared to its average volume of 3,704,744. Adobe Systems Incorporated has a fifty-two week low of $138.31 and a fifty-two week high of $258.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.12. The firm has a market cap of $117.43 billion, a P/E ratio of 67.91, a P/E/G ratio of 2.64 and a beta of 1.08.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 14th. The software company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.54 by $0.12. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the firm earned $1.02 earnings per share. The company’s revenue was up 23.9% compared to the same quarter last year. equities analysts anticipate that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.
Adobe Systems declared that its Board of Directors has approved a share repurchase plan on Monday, May 21st that permits the company to buyback $8.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
ADBE has been the subject of a number of analyst reports. JMP Securities cut shares of Adobe Systems from an “outperform” rating to a “market perform” rating in a research note on Monday, March 26th. DZ Bank upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 20th. BMO Capital Markets boosted their price target on shares of Adobe Systems from $205.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, March 16th. They noted that the move was a valuation call. Jefferies Financial Group upped their target price on shares of Adobe Systems to $263.00 and gave the stock a “buy” rating in a report on Friday, March 16th. Finally, Zacks Investment Research downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, March 20th. Eight investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $240.21.
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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