Pioneer Trust Bank N A OR held its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,500 shares of the software company’s stock at the end of the second quarter. Pioneer Trust Bank N A OR’s holdings in Adobe Systems were worth $354,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Clean Yield Group acquired a new stake in shares of Adobe Systems during the first quarter valued at $100,000. Washington Trust Bank increased its stake in shares of Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Adobe Systems during the first quarter valued at $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after buying an additional 500 shares during the period. Finally, WFG Advisors LP increased its position in Adobe Systems by 10.1% in the first quarter. WFG Advisors LP now owns 1,263 shares of the software company’s stock worth $164,000 after buying an additional 116 shares during the period. 87.64% of the stock is currently owned by institutional investors and hedge funds.
Adobe Systems Incorporated (NASDAQ ADBE) opened at 147.97 on Friday. The firm has a market cap of $73.01 billion, a price-to-earnings ratio of 51.54 and a beta of 1.00. The firm has a 50-day moving average of $146.59 and a 200 day moving average of $134.36. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $151.99.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm earned $0.71 earnings per share. The business’s quarterly revenue was up 26.7% on a year-over-year basis. On average, equities research analysts forecast that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
A number of equities analysts recently commented on the company. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. Pacific Crest lifted their price target on Adobe Systems from $142.00 to $174.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 21st. Pivotal Research reiterated a “sell” rating and issued a $114.00 price target (up from $112.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Finally, Deutsche Bank AG lifted their price target on Adobe Systems from $140.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $154.20.
In other Adobe Systems news, Director Daniel Rosensweig sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total value of $1,580,810.00. Following the completion of the sale, the director now owns 8,801 shares of the company’s stock, valued at $1,264,791.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total transaction of $311,034.57. Following the sale, the executive vice president now directly owns 61,944 shares of the company’s stock, valued at approximately $8,628,179.76. The disclosure for this sale can be found here. Insiders sold 102,239 shares of company stock valued at $14,877,475 in the last ninety days. Insiders own 0.38% of the company’s stock.
Adobe Systems Company 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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