First Personal Financial Services increased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 1,200.0% during the first quarter, Holdings Channel reports. The institutional investor owned 1,898 shares of the software company’s stock after buying an additional 1,752 shares during the period. First Personal Financial Services’ holdings in Adobe Systems were worth $247,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Clean Yield Group bought a new stake in shares of Adobe Systems during the first quarter valued at $100,000. Washington Trust Bank increased its stake in shares of Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in shares of Adobe Systems during the first quarter valued at $113,000. Sowell Financial Services LLC bought a new stake in shares of Adobe Systems during the fourth quarter valued at $148,000. Finally, Israel Discount Bank of New York GFN bought a new stake in shares of Adobe Systems during the fourth quarter valued at $152,000. 87.25% of the stock is currently owned by institutional investors.
Adobe Systems Incorporated (ADBE) opened at 138.05 on Friday. Adobe Systems Incorporated has a 1-year low of $90.35 and a 1-year high of $144.34. The firm has a 50-day moving average of $137.64 and a 200-day moving average of $121.11. The stock has a market capitalization of $68.29 billion, a price-to-earnings ratio of 52.71 and a beta of 1.06.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 16th. The software company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.87 by $0.07. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 earnings per share. Equities research analysts anticipate that Adobe Systems Incorporated will post $3.95 EPS for the current year.
ADBE has been the topic of several analyst reports. Canaccord Genuity increased their price target on Adobe Systems to $145.00 in a research report on Friday, March 17th. Cowen and Company set a $140.00 price target on Adobe Systems and gave the stock a “buy” rating in a research report on Saturday, March 11th. Vetr raised Adobe Systems from a “hold” rating to a “buy” rating and set a $125.31 price target on the stock in a research report on Tuesday, February 28th. Citigroup Inc increased their price target on Adobe Systems to $141.00 and gave the stock a “buy” rating in a research report on Friday, March 17th. Finally, Wunderlich raised Adobe Systems from a “hold” rating to a “buy” rating and increased their price target for the stock from $115.00 to $145.00 in a research report on Friday, March 17th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Adobe Systems currently has an average rating of “Buy” and an average price target of $138.72.
In other news, Director Charles M. Geschke sold 59,550 shares of the stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $125.95, for a total value of $7,500,322.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction that occurred on Wednesday, March 22nd. The shares were sold at an average price of $125.00, for a total transaction of $279,125.00. Following the completion of the sale, the executive vice president now owns 68,643 shares in the company, valued at $8,580,375. The disclosure for this sale can be found here. Insiders sold 86,249 shares of company stock worth $10,979,024 over the last quarter. Company insiders own 0.43% 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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