Cibc World Markets Corp Raises Position in Adobe Systems Incorporated (ADBE)
Cibc World Markets Corp boosted its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 34.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 206,658 shares of the software company’s stock after buying an additional 52,390 shares during the quarter. Cibc World Markets Corp’s holdings in Adobe Systems were worth $29,230,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Capital Advisors Ltd. LLC acquired a new stake in Adobe Systems during the 2nd quarter valued at approximately $100,000. CWM LLC boosted its holdings in shares of Adobe Systems by 11.8% in the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after acquiring an additional 79 shares during the last quarter. Sumitomo Mitsui Financial Group Inc. acquired a new stake in shares of Adobe Systems in the second quarter worth $141,000. Acrospire Investment Management LLC increased its stake in shares of Adobe Systems by 100.0% in the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock worth $141,000 after acquiring an additional 500 shares during the period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its stake in shares of Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after acquiring an additional 500 shares during the period. 87.43% of the stock is owned by institutional investors.
In related news, EVP Donna Morris sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles M. Geschke sold 25,000 shares of the stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $145.16, for a total value of $3,629,000.00. The disclosure for this sale can be found here. Insiders sold 53,359 shares of company stock worth $7,868,382 over the last quarter. Company insiders own 0.38% of the company’s stock.
Several research analysts recently issued reports on the stock. Vetr cut shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 target price for the company. in a report on Tuesday, June 20th. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Citigroup Inc. reaffirmed a “buy” rating and issued a $161.00 price target (up from $141.00) on shares of Adobe Systems in a report on Tuesday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and issued a $165.00 price target (up from $145.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $184.00 price target (up from $160.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $158.25.
Shares of Adobe Systems Incorporated (ADBE) opened at 148.60 on Wednesday. Adobe Systems Incorporated has a one year low of $98.00 and a one year high of $157.89. The stock has a market capitalization of $73.25 billion, a PE ratio of 46.71 and a beta of 0.98. The firm has a 50-day moving average price of $151.65 and a 200 day moving average price of $142.05.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the previous year, the business posted $0.75 earnings per share. The firm’s quarterly revenue was up 25.8% compared to the same quarter last year. On average, equities analysts expect that Adobe Systems Incorporated will post $4.22 EPS for the current fiscal year.
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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