South State Corp Has $8.16 Million Position in Adobe Systems Incorporated (ADBE)
South State Corp boosted its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,458 shares of the software company’s stock after purchasing an additional 576 shares during the quarter. South State Corp’s holdings in Adobe Systems were worth $8,157,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC acquired a new position in shares of Adobe Systems during the 2nd quarter valued at about $107,000. Reilly Financial Advisors LLC increased its stake in shares of Adobe Systems by 85.2% during the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock valued at $124,000 after acquiring an additional 265 shares during the last quarter. Exchange Capital Management Inc. purchased a new stake in shares of Adobe Systems during the 1st quarter worth about $125,000. Rainier Group Investment Advisory LLC purchased a new stake in shares of Adobe Systems during the 1st quarter worth about $130,000. Finally, Mount Yale Investment Advisors LLC purchased a new stake in shares of Adobe Systems during the 1st quarter worth about $132,000. 86.51% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on ADBE shares. Bank of America boosted their target price on Adobe Systems from $278.00 to $292.00 in a report on Friday, June 15th. Stifel Nicolaus boosted their target price on Adobe Systems from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, June 15th. Canaccord Genuity reiterated a “buy” rating and set a $280.00 target price (up previously from $245.00) on shares of Adobe Systems in a report on Friday, June 15th. Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $267.00 target price for the company in a report on Tuesday, May 15th. Finally, Robert W. Baird boosted their target price on Adobe Systems from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Nine research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Adobe Systems has an average rating of “Buy” and a consensus target price of $241.76.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 14th. The software company reported $1.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.54 by $0.12. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. Adobe Systems’s quarterly revenue was up 23.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.02 EPS. sell-side analysts forecast that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.
Adobe Systems declared that its board has approved a stock buyback plan on Monday, May 21st that allows the company to buyback $8.00 billion in shares. This buyback authorization allows the software company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, EVP Abhay Parasnis sold 10,500 shares of the stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total transaction of $2,730,105.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,942 shares of the stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $236.59, for a total value of $696,047.78. Following the transaction, the executive vice president now owns 70,322 shares of the company’s stock, valued at $16,637,481.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,327 shares of company stock valued at $6,461,959. 0.33% of the stock is owned by company insiders.
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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