BB&T Corp Increases Position in Adobe Systems Incorporated (NASDAQ:ADBE)

BB&T Corp raised its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 12.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,851 shares of the software company’s stock after buying an additional 3,648 shares during the period. BB&T Corp’s holdings in Adobe Systems were worth $4,788,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in ADBE. CWM LLC increased its stake in Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock worth $106,000 after buying an additional 79 shares in the last quarter. Clean Yield Group purchased a new stake in Adobe Systems during the first quarter worth approximately $100,000. Washington Trust Bank increased its stake in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in Adobe Systems during the first quarter worth approximately $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its stake 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 in the last quarter. Institutional investors and hedge funds own 87.64% of the company’s stock.

Shares of Adobe Systems Incorporated (ADBE) opened at 147.97 on Friday. The stock’s 50 day moving average price is $146.59 and its 200-day moving average price is $134.36. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $151.99. The firm has a market capitalization of $73.01 billion, a PE ratio of 51.54 and a beta of 1.00.

Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the 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 company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the business posted $0.71 earnings per share. The firm’s revenue for the quarter was up 26.7% compared to the same quarter last year. Equities research analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.

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A number of equities research analysts recently commented on the company. Bank of America Corporation reiterated a “buy” rating and issued a $184.00 target price (up from $160.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. Pivotal Research downgraded Adobe Systems from a “hold” rating to a “sell” rating and boosted their target price for the stock from $109.00 to $112.00 in a research report on Monday, June 12th. Morgan Stanley restated an “equal weight” rating and set a $137.00 price objective on shares of Adobe Systems in a research report on Friday, June 16th. Barclays PLC upped their price objective on Adobe Systems from $155.00 to $161.00 and gave the company an “overweight” rating in a research report on Wednesday, June 21st. Finally, Citigroup Inc. restated a “buy” rating and set a $161.00 price objective (up from $141.00) on shares of Adobe Systems in a research report on Tuesday, June 13th. One investment 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 assigned a strong buy rating to the company’s stock. Adobe Systems presently has an average rating of “Buy” and a consensus target price of $154.20.

In other news, Director John E. Warnock sold 32,600 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the sale, the director now directly owns 16,088 shares in the company, valued at $2,317,798.16. The transaction was disclosed in a document filed 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 that occurred on Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total transaction of $311,034.57. Following the completion of the sale, the executive vice president now owns 61,944 shares in the company, valued at $8,628,179.76. The disclosure for this sale can be found here. Insiders have sold 102,239 shares of company stock worth $14,877,475 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

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.

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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