Argent Trust Co boosted its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 32.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,200 shares of the software company’s stock after buying an additional 2,027 shares during the quarter. Argent Trust Co’s holdings in Adobe Systems were worth $2,000,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ADBE. Tredje AP fonden boosted its stake in Adobe Systems by 60.7% during the first quarter. Tredje AP fonden now owns 62,851 shares of the software company’s stock worth $13,581,000 after buying an additional 23,730 shares during the period. Bamco Inc. NY boosted its stake in Adobe Systems by 6.2% during the first quarter. Bamco Inc. NY now owns 25,604 shares of the software company’s stock worth $5,533,000 after buying an additional 1,500 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Adobe Systems by 7.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 35,923 shares of the software company’s stock worth $7,762,000 after buying an additional 2,584 shares during the period. Silvant Capital Management LLC purchased a new position in Adobe Systems during the first quarter worth about $9,977,000. Finally, Lincoln National Corp boosted its stake in Adobe Systems by 80.4% during the first quarter. Lincoln National Corp now owns 5,037 shares of the software company’s stock worth $1,088,000 after buying an additional 2,245 shares during the period. 84.85% of the stock is owned by institutional investors.

Shares of NASDAQ:ADBE opened at $268.25 on Tuesday. The company has a market capitalization of $131.13 billion, a P/E ratio of 74.72, a PEG ratio of 2.91 and a beta of 1.11. Adobe Systems Incorporated has a fifty-two week low of $143.95 and a fifty-two week high of $277.61. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.08 and a current ratio of 2.08.

Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The firm’s revenue was up 24.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.10 earnings per share. analysts predict that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.

Adobe Systems announced that its board has authorized a share repurchase program on Monday, May 21st that authorizes the company to buyback $8.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 6.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, EVP Abhay Parasnis sold 10,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,945 shares of the firm’s stock in a transaction that occurred on Wednesday, June 20th. The shares were sold at an average price of $253.50, for a total transaction of $746,557.50. Following the completion of the sale, the executive vice president now directly owns 67,377 shares in the company, valued at approximately $17,080,069.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,324 shares of company stock worth $4,980,689. 0.33% of the stock is owned by corporate insiders.

ADBE has been the topic of several research reports. Royal Bank of Canada increased their price target on shares of Adobe Systems to $268.00 and gave the stock an “outperform” rating in a research report on Monday, June 11th. They noted that the move was a valuation call. Guggenheim initiated coverage on shares of Adobe Systems in a research report on Tuesday, August 7th. They set a “neutral” rating and a $275.00 price target on the stock. Morgan Stanley increased their price target on shares of Adobe Systems from $235.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Friday, June 15th. Credit Suisse Group increased their price target on shares of Adobe Systems from $275.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Canaccord Genuity reissued 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. Nine research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $261.38.

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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