Adobe Systems Incorporated (ADBE) Stake Decreased by Cullen Frost Bankers Inc.
Cullen Frost Bankers Inc. lowered its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 5.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,684 shares of the software company’s stock after selling 2,855 shares during the period. Cullen Frost Bankers Inc.’s holdings in Adobe Systems were worth $7,169,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of ADBE. State of Alaska Department of Revenue acquired a new stake in shares of Adobe Systems during the first quarter worth about $191,000. Waldron LP increased its stake in shares of Adobe Systems by 96.9% in the first quarter. Waldron LP now owns 5,487 shares of the software company’s stock worth $689,000 after buying an additional 2,701 shares during the last quarter. BTIM Corp. increased its stake in shares of Adobe Systems by 2.5% in the first quarter. BTIM Corp. now owns 6,698 shares of the software company’s stock worth $872,000 after buying an additional 162 shares during the last quarter. First Manhattan Co. increased its stake in shares of Adobe Systems by 4.5% in the first quarter. First Manhattan Co. now owns 7,415 shares of the software company’s stock worth $804,000 after buying an additional 320 shares during the last quarter. Finally, Rehmann Capital Advisory Group increased its stake in shares of Adobe Systems by 32.3% in the first quarter. Rehmann Capital Advisory Group now owns 4,786 shares of the software company’s stock worth $623,000 after buying an additional 1,169 shares during the last quarter. 87.64% of the stock is owned by hedge funds and other institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 151.45 on Friday. The firm has a 50-day moving average price of $147.88 and a 200-day moving average price of $135.68. Adobe Systems Incorporated has a 52 week low of $97.87 and a 52 week high of $153.00. The stock has a market cap of $74.73 billion, a PE ratio of 52.75 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 26.7% compared to the same quarter last year. On average, analysts forecast that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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ADBE has been the subject of a number of recent analyst reports. Barclays PLC initiated coverage on Adobe Systems in a research report on Tuesday, May 2nd. They set an “overweight” rating and a $155.00 price objective for the company. Royal Bank Of Canada lifted their target price on Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research report on Thursday, May 25th. Vetr downgraded Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 target price for the company. in a research report on Thursday, May 25th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $160.00 target price (up from $140.00) on shares of Adobe Systems in a research report on Friday, June 9th. Finally, Pivotal Research downgraded Adobe Systems from a “hold” rating to a “sell” rating and lifted their target price for the company from $109.00 to $112.00 in a research report on Monday, June 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $152.71.
In other news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $144.00, for a total value of $281,232.00. Following the sale, the executive vice president now directly owns 59,991 shares in the company, valued at approximately $8,638,704. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 32,600 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the sale, the director now owns 16,088 shares in the company, valued at $2,317,798.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 102,239 shares of company stock worth $14,877,475. Corporate insiders own 0.38% of the company’s stock.
Adobe Systems Company Profile
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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