Canandaigua National Bank & Trust Co. lifted its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 6.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,724 shares of the software company’s stock after purchasing an additional 166 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Adobe Systems were worth $385,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clean Yield Group purchased a new position in shares of Adobe Systems during the 1st quarter valued at approximately $100,000. Capital Advisors Ltd. LLC purchased a new position in shares of Adobe Systems during the 2nd quarter valued at approximately $100,000. CWM LLC lifted its position in shares of Adobe Systems by 11.8% during the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after buying an additional 79 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Adobe Systems during the 1st quarter valued at approximately $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its position in shares of Adobe Systems by 86.2% during the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after buying an additional 500 shares in the last quarter. 87.53% of the stock is currently owned by institutional investors and hedge funds.
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In other Adobe Systems news, CMO Ann Lewnes sold 1,953 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total transaction of $286,466.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Donna Morris sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. 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 quarter. 0.38% of the stock is currently owned by company insiders.
Shares of Adobe Systems Incorporated (ADBE) opened at 156.87 on Tuesday. The firm has a market capitalization of $77.40 billion, a P/E ratio of 54.64 and a beta of 1.00. Adobe Systems Incorporated has a 12 month low of $97.87 and a 12 month high of $157.89. The company’s 50 day moving average price is $150.06 and its 200-day moving average price is $138.45.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate 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. On average, equities analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on the company. BMO Capital Markets reiterated an “outperform” rating on shares of Adobe Systems in a research report on Tuesday. Moffett Nathanson assumed coverage on Adobe Systems in a research report on Wednesday, September 6th. They set a “buy” rating and a $195.00 target price on the stock. Vetr upgraded Adobe Systems from a “sell” rating to a “hold” rating and set a $150.30 target price on the stock in a research report on Wednesday, September 6th. Robert W. Baird reiterated a “buy” rating and set a $160.00 target price on shares of Adobe Systems in a research report on Friday, September 1st. Finally, Bank of America Corporation increased their target price on Adobe Systems from $108.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $153.88.
Adobe Systems 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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