Folger Nolan Fleming Douglas Capital Management Inc. decreased its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 12.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,242 shares of the software company’s stock after selling 1,780 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Adobe Systems were worth $2,145,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Cerebellum GP LLC acquired a new stake in shares of Adobe Systems in the 4th quarter worth approximately $118,000. Community Bank N.A. acquired a new stake in shares of Adobe Systems in the 4th quarter worth approximately $122,000. Parkside Financial Bank & Trust grew its holdings in shares of Adobe Systems by 170.3% in the 3rd quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock worth $135,000 after acquiring an additional 567 shares during the period. BB&T Investment Services Inc. grew its holdings in shares of Adobe Systems by 42.4% in the 3rd quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock worth $138,000 after acquiring an additional 275 shares during the period. Finally, Cibc Bank USA acquired a new stake in shares of Adobe Systems in the 4th quarter worth approximately $202,000. Institutional investors own 86.18% of the company’s stock.
In related news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $173.50, for a total value of $338,845.50. Following the completion of the sale, the executive vice president now directly owns 50,497 shares in the company, valued at approximately $8,761,229.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse purchased 1,125 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was bought at an average price of $177.35 per share, with a total value of $199,518.75. Following the completion of the acquisition, the director now owns 31,453 shares in the company, valued at approximately $5,578,189.55. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 351,199 shares of company stock valued at $67,326,422. 0.38% of the stock is owned by insiders.
A number of equities research analysts recently weighed in on ADBE shares. Cowen restated a “buy” rating and issued a $200.00 price target on shares of Adobe Systems in a report on Monday, December 11th. Vetr upgraded Adobe Systems from a “sell” rating to a “hold” rating and set a $172.83 price target on the stock in a report on Thursday, November 2nd. Pivotal Research restated a “hold” rating and issued a $162.00 price target (up previously from $160.00) on shares of Adobe Systems in a report on Friday, December 15th. Sanford C. Bernstein upped their price target on Adobe Systems from $208.00 to $223.00 and gave the stock an “outperform” rating in a report on Tuesday, January 23rd. Finally, Canaccord Genuity reiterated a “buy” rating and set a $220.00 target price (up previously from $195.00) on shares of Adobe Systems in a report on Tuesday, January 23rd. Eight research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $198.15.
Adobe Systems Incorporated (NASDAQ ADBE) opened at $202.61 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.05 and a quick ratio of 2.05. The firm has a market capitalization of $99,343.09, a price-to-earnings ratio of 59.77, a P/E/G ratio of 2.47 and a beta of 1.18. Adobe Systems Incorporated has a 52-week low of $117.83 and a 52-week high of $206.83.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, December 14th. The software company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.10. The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.95 billion. Adobe Systems had a return on equity of 22.15% and a net margin of 23.20%. The business’s quarterly revenue was up 24.8% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. analysts predict that Adobe Systems Incorporated will post 5.12 earnings per share for the current fiscal year.
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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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