Adobe Systems Incorporated (ADBE) Holdings Trimmed by Wilbanks Smith & Thomas Asset Management LLC

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Wilbanks Smith & Thomas Asset Management LLC lessened its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 2.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,830 shares of the software company’s stock after selling 467 shares during the quarter. Wilbanks Smith & Thomas Asset Management LLC’s holdings in Adobe Systems were worth $5,566,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADBE. Nissay Asset Management Corp Japan ADV boosted its position in shares of Adobe Systems by 2.1% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 67,221 shares of the software company’s stock valued at $16,389,000 after acquiring an additional 1,378 shares during the last quarter. Flossbach Von Storch AG boosted its position in shares of Adobe Systems by 0.6% during the 2nd quarter. Flossbach Von Storch AG now owns 54,515 shares of the software company’s stock valued at $13,291,000 after acquiring an additional 340 shares during the last quarter. CIBC World Markets Inc. boosted its position in shares of Adobe Systems by 29.0% during the 2nd quarter. CIBC World Markets Inc. now owns 107,981 shares of the software company’s stock valued at $26,327,000 after acquiring an additional 24,244 shares during the last quarter. Usca Ria LLC boosted its position in shares of Adobe Systems by 8.8% during the 2nd quarter. Usca Ria LLC now owns 2,961 shares of the software company’s stock valued at $722,000 after acquiring an additional 240 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of Adobe Systems by 1.4% during the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 120,760 shares of the software company’s stock valued at $29,442,000 after acquiring an additional 1,697 shares during the last quarter. 86.51% of the stock is owned by institutional investors and hedge funds.

NASDAQ:ADBE opened at $247.26 on Monday. The company has a market capitalization of $124.23 billion, a P/E ratio of 68.87, a PEG ratio of 2.76 and a beta of 1.12. Adobe Systems Incorporated has a 1-year low of $143.95 and a 1-year high of $263.83. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22.

Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.54 by $0.12. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The business’s revenue was up 23.9% on a year-over-year basis. equities analysts forecast that Adobe Systems Incorporated will post 5.61 EPS for the current fiscal year.

Adobe Systems announced that its Board of Directors has authorized a stock buyback plan on Monday, May 21st that authorizes the company to repurchase $8.00 billion in shares. This repurchase authorization authorizes the software company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

In other Adobe Systems news, EVP Ann Lewnes sold 2,939 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $253.80, for a total value of $745,918.20. Following the completion of the sale, the executive vice president now owns 61,498 shares in the company, valued at $15,608,192.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles M. Geschke sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, June 18th. The shares were sold at an average price of $255.19, for a total value of $1,531,140.00. The disclosure for this sale can be found here. Insiders sold 25,324 shares of company stock valued at $6,511,829 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

A number of analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Adobe Systems from $260.00 to $278.00 and gave the company an “outperform” rating in a research report on Friday, June 15th. Stifel Nicolaus lifted their price target on Adobe Systems from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, June 15th. Canaccord Genuity reiterated a “buy” rating and set a $280.00 price target (up previously from $245.00) on shares of Adobe Systems in a research report on Friday, June 15th. Piper Jaffray Companies reiterated an “overweight” rating and set a $290.00 price target on shares of Adobe Systems in a research report on Friday, June 15th. Finally, BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 18th. Ten analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $241.76.

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. Its 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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Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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