State of Alaska Department of Revenue raised its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 730.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,899 shares of the software company’s stock after acquiring an additional 47,407 shares during the period. State of Alaska Department of Revenue’s holdings in Adobe Systems were worth $9,444,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its position 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 during the last quarter. BB&T Investment Services Inc. grew its holdings in shares of Adobe Systems by 42.4% in the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after purchasing an additional 275 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. acquired a new position in shares of Adobe Systems in the second quarter valued at approximately $141,000. Acrospire Investment Management LLC grew its holdings in shares of Adobe Systems by 100.0% in the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares in the last quarter. Finally, CWH Capital Management Inc. acquired a new position in shares of Adobe Systems in the second quarter valued at approximately $141,000. Institutional investors and hedge funds own 87.08% of the company’s stock.
A number of research analysts recently weighed in on the stock. Piper Jaffray Companies restated a “buy” rating and issued a $195.00 price objective on shares of Adobe Systems in a report on Thursday, October 19th. Zacks Investment Research upgraded shares of Adobe Systems from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Jefferies Group lifted their price objective on shares of Adobe Systems to $205.00 and gave the company a “buy” rating in a report on Friday, December 15th. Robert W. Baird restated a “buy” rating and issued a $200.00 price objective on shares of Adobe Systems in a report on Friday, December 15th. Finally, KeyCorp restated an “overweight” rating and issued a $216.00 price objective (up previously from $178.00) on shares of Adobe Systems in a report on Wednesday, November 22nd. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $187.00.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, December 14th. The software company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.10. Adobe Systems had a net margin of 23.20% and a return on equity of 22.57%. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up 24.8% on a year-over-year basis. equities research analysts forecast that Adobe Systems Incorporated will post 4.58 EPS for the current fiscal year.
In other news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $181.19, for a total transaction of $353,864.07. Following the completion of the sale, the executive vice president now owns 52,450 shares in the company, valued at approximately $9,503,415.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse acquired 1,125 shares of Adobe Systems stock in a transaction dated Monday, December 18th. The shares were bought at an average price of $177.35 per share, with a total value of $199,518.75. Following the transaction, the director now directly owns 31,453 shares in the company, valued at approximately $5,578,189.55. The disclosure for this purchase can be found here. Insiders have sold a total of 81,972 shares of company stock valued at $14,613,967 in the last 90 days. Insiders own 0.38% of the company’s stock.
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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