Coastline Trust Co trimmed its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 11.2% during the third quarter, HoldingsChannel.com reports. The firm owned 27,325 shares of the software company’s stock after selling 3,455 shares during the quarter. Adobe Systems comprises 1.1% of Coastline Trust Co’s investment portfolio, making the stock its 13th biggest position. Coastline Trust Co’s holdings in Adobe Systems were worth $7,376,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in ADBE. Edgewood Management LLC purchased a new position in shares of Adobe Systems in the 2nd quarter worth about $565,496,000. Morgan Stanley raised its holdings in shares of Adobe Systems by 79.1% during the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock valued at $836,695,000 after buying an additional 1,515,736 shares during the period. Summit Trail Advisors LLC raised its holdings in shares of Adobe Systems by 29,729.8% during the 1st quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock valued at $513,000 after buying an additional 511,352 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in shares of Adobe Systems during the 2nd quarter valued at about $546,000. Finally, Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Adobe Systems during the 2nd quarter valued at about $102,939,000. Institutional investors own 84.76% of the company’s stock.
ADBE has been the topic of several analyst reports. Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 target price on the stock in a report on Tuesday, June 19th. BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Guggenheim initiated coverage on Adobe Systems in a report on Tuesday, August 7th. They set a “neutral” rating and a $275.00 target price on the stock. Bank of America reiterated a “buy” rating and set a $300.00 target price on shares of Adobe Systems in a report on Wednesday, September 12th. Finally, Barclays raised their target price on Adobe Systems to $297.00 and gave the company an “overweight” rating in a report on Wednesday, September 12th. Nine analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Adobe Systems currently has a consensus rating of “Buy” and a consensus price target of $265.93.
ADBE stock traded down $1.80 during midday trading on Wednesday, hitting $258.87. 231,803 shares of the company’s stock were exchanged, compared to its average volume of 2,979,748. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Systems Incorporated has a 12-month low of $148.15 and a 12-month high of $277.61. The company has a market capitalization of $131.77 billion, a PE ratio of 71.56, a P/E/G ratio of 2.91 and a beta of 1.08.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.04. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the business earned $1.10 EPS. Adobe Systems’s revenue for the quarter was up 24.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Systems Incorporated will post 5.65 EPS for the current year.
In other news, EVP Abhay Parasnis sold 10,500 shares of Adobe Systems stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total value of $2,730,105.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Lewnes sold 2,939 shares of Adobe Systems stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $253.80, for a total value of $745,918.20. Following the completion of the transaction, the executive vice president now owns 61,498 shares of the company’s stock, valued at approximately $15,608,192.40. The disclosure for this sale can be found here. Insiders have sold a total of 16,380 shares of company stock worth $4,273,446 over the last 90 days. 0.33% of the stock is owned by company insiders.
Adobe Systems Company Profile
Adobe Inc 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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