Toronto Dominion Bank lifted its position in shares of Adobe Systems (NASDAQ:ADBE) by 24.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 265,258 shares of the software company’s stock after acquiring an additional 52,684 shares during the quarter. Toronto Dominion Bank owned approximately 0.05% of Adobe Systems worth $57,304,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Adobe Systems by 25.0% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 33,339 shares of the software company’s stock valued at $5,842,000 after acquiring an additional 6,663 shares in the last quarter. LPL Financial LLC lifted its holdings in Adobe Systems by 2.0% during the 4th quarter. LPL Financial LLC now owns 93,910 shares of the software company’s stock worth $16,457,000 after buying an additional 1,832 shares during the period. Financial Advocates Investment Management acquired a new position in Adobe Systems during the 4th quarter worth about $269,000. Guggenheim Capital LLC lifted its holdings in Adobe Systems by 17.7% during the 4th quarter. Guggenheim Capital LLC now owns 700,359 shares of the software company’s stock worth $122,732,000 after buying an additional 105,208 shares during the period. Finally, Bank of Hawaii lifted its holdings in Adobe Systems by 93.3% during the 4th quarter. Bank of Hawaii now owns 10,030 shares of the software company’s stock worth $1,758,000 after buying an additional 4,840 shares during the period. 85.97% of the stock is currently owned by institutional investors.
In related news, Director John E. Warnock sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 20th. The stock was sold at an average price of $224.94, for a total value of $1,124,700.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $3,618,834.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Lewnes sold 2,942 shares of the business’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $236.59, for a total value of $696,047.78. Following the completion of the sale, the executive vice president now directly owns 70,322 shares of the company’s stock, valued at $16,637,481.98. The disclosure for this sale can be found here. Insiders sold a total of 46,819 shares of company stock valued at $10,451,729 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.
ADBE has been the topic of several recent research reports. JMP Securities downgraded Adobe Systems from an “outperform” rating to a “market perform” rating in a report on Monday, March 26th. Royal Bank of Canada lifted their target price on Adobe Systems to $235.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Barclays lifted their target price on Adobe Systems from $193.00 to $221.00 and gave the stock an “overweight” rating in a report on Tuesday, January 23rd. DZ Bank raised Adobe Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 20th. Finally, BMO Capital Markets lifted their target price on Adobe Systems from $205.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. They noted that the move was a valuation call. Ten research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $221.38.
Adobe Systems opened at $237.00 on Wednesday, Marketbeat Ratings reports. Adobe Systems has a 1-year low of $131.20 and a 1-year high of $243.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.12 and a quick ratio of 2.12. The stock has a market capitalization of $117.26 billion, a PE ratio of 66.06, a price-to-earnings-growth ratio of 2.75 and a beta of 1.04.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 15th. The software company reported $1.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.11. Adobe Systems had a return on equity of 24.42% and a net margin of 24.40%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period last year, the company posted ($0.43) EPS. The business’s quarterly revenue was up 23.6% on a year-over-year basis. analysts expect that Adobe Systems will post 5.35 earnings per share for the current year.
Adobe Systems announced that its Board of Directors has approved a share repurchase plan on Monday, May 21st that permits the company to repurchase $8.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Adobe Systems Company Profile
Adobe Systems Incorporated 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. This segment's 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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