Huntington National Bank raised its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 3.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,511 shares of the software company’s stock after acquiring an additional 602 shares during the period. Huntington National Bank’s holdings in Adobe Systems were worth $3,060,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Eastern Bank grew its position in Adobe Systems by 3.8% in the third quarter. Eastern Bank now owns 83,656 shares of the software company’s stock valued at $12,480,000 after acquiring an additional 3,095 shares during the period. Boston Advisors LLC grew its position in Adobe Systems by 37.0% in the third quarter. Boston Advisors LLC now owns 173,386 shares of the software company’s stock valued at $25,866,000 after acquiring an additional 46,850 shares during the period. Xact Kapitalforvaltning AB grew its position in Adobe Systems by 1.9% in the third quarter. Xact Kapitalforvaltning AB now owns 84,762 shares of the software company’s stock valued at $12,645,000 after acquiring an additional 1,612 shares during the period. Nationwide Fund Advisors grew its position in Adobe Systems by 3.9% in the third quarter. Nationwide Fund Advisors now owns 729,421 shares of the software company’s stock valued at $108,815,000 after acquiring an additional 27,083 shares during the period. Finally, Fox Run Management L.L.C. bought a new stake in Adobe Systems in the third quarter valued at $537,000. Hedge funds and other institutional investors own 87.52% of the company’s stock.
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In other news, EVP Matthew Thompson sold 2,190 shares of the business’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $173.42, for a total value of $379,789.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total value of $286,466.04. The disclosure for this sale can be found here. Insiders sold a total of 14,849 shares of company stock worth $2,452,281 over the last three months. 0.38% of the stock is owned by company insiders.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 177.33 on Friday. Adobe Systems Incorporated has a one year low of $98.00 and a one year high of $177.58. The company has a market capitalization of $87.41 billion, a P/E ratio of 55.75 and a beta of 0.98. The firm has a 50 day moving average price of $155.70 and a 200 day moving average price of $145.90.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.75 EPS. On average, equities research analysts predict that Adobe Systems Incorporated will post $4.22 EPS for the current fiscal year.
A number of analysts have weighed in on ADBE shares. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. BMO Capital Markets reiterated an “outperform” rating and issued a $165.00 price target on shares of Adobe Systems in a research report on Thursday, September 21st. Robert W. Baird set a $160.00 price target on Adobe Systems and gave the company a “buy” rating in a research report on Friday, October 6th. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 price target on shares of Adobe Systems in a research report on Monday, July 31st. Finally, Barclays PLC upped their price target on Adobe Systems from $167.00 to $181.00 and gave the company an “overweight” rating in a research report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $169.75.
About Adobe Systems
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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