Piedmont Investment Advisors LLC boosted its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 15.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 122,256 shares of the software company’s stock after purchasing an additional 16,642 shares during the quarter. Piedmont Investment Advisors LLC’s holdings in Adobe Systems were worth $18,238,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Advisors Ltd. LLC bought a new position in shares of Adobe Systems during the second quarter valued at $100,000. Parkside Financial Bank & Trust increased its holdings in shares of Adobe Systems by 170.3% during the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after acquiring an additional 567 shares in the last quarter. BB&T Investment Services Inc. increased its holdings in shares of Adobe Systems by 42.4% during the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after acquiring an additional 275 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. bought a new position in shares of Adobe Systems during the second quarter valued at $141,000. Finally, Acrospire Investment Management LLC increased its holdings in shares of Adobe Systems by 100.0% during the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 87.45% of the company’s stock.
In other news, Director John E. Warnock sold 6,800 shares of Adobe Systems stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $174.20, for a total transaction of $1,184,560.00. Following the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,802,529.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $152.09, for a total value of $297,031.77. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock worth $2,519,679 over the last three months. Insiders own 0.38% of the company’s stock.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.09. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period last year, the firm posted $0.75 earnings per share. equities analysts anticipate that Adobe Systems Incorporated will post 3.46 EPS for the current fiscal year.
Several brokerages have recently weighed in on ADBE. Royal Bank of Canada restated a “buy” rating on shares of Adobe Systems in a report on Wednesday, September 20th. Vetr upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating and set a $198.52 price target for the company in a report on Tuesday, December 5th. Canaccord Genuity restated a “buy” rating and set a $170.00 price target (up from $165.00) on shares of Adobe Systems in a report on Wednesday, September 20th. BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 6th. Finally, Oppenheimer restated a “hold” rating on shares of Adobe Systems in a report on Wednesday, September 20th. Five equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Adobe Systems currently has a consensus rating of “Buy” and a consensus target price of $176.50.
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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