Synovus Financial Corp Has $4.30 Million Stake in Adobe Systems Incorporated (ADBE)
Synovus Financial Corp trimmed its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 7.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,865 shares of the software company’s stock after selling 2,317 shares during the quarter. Synovus Financial Corp’s holdings in Adobe Systems were worth $4,297,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Capital Advisors Ltd. LLC acquired a new position in Adobe Systems in the second quarter valued at $100,000. Parkside Financial Bank & Trust increased its stake in Adobe Systems by 170.3% in the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after purchasing an additional 567 shares during the last quarter. BB&T Investment Services Inc. increased its stake in Adobe Systems by 42.4% in the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after purchasing an additional 275 shares during the last quarter. Exane Derivatives increased its stake in Adobe Systems by 55.0% in the third quarter. Exane Derivatives now owns 958 shares of the software company’s stock valued at $143,000 after purchasing an additional 340 shares during the last quarter. Finally, Sumitomo Mitsui Financial Group Inc. acquired a new position in Adobe Systems in the second quarter valued at $141,000. 87.45% of the stock is owned by institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at $167.54 on Wednesday. Adobe Systems Incorporated has a 1 year low of $100.71 and a 1 year high of $186.27. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $83,031.32, a PE ratio of 50.74, a PEG ratio of 2.13 and a beta of 1.05.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the business earned $0.75 earnings per share. The company’s revenue was up 25.8% compared to the same quarter last year. research analysts expect that Adobe Systems Incorporated will post 3.46 EPS for the current fiscal year.
In related news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the transaction, the executive vice president now owns 56,356 shares in the company, valued at $8,784,773.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Matthew Thompson sold 2,190 shares of the business’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $173.42, for a total value of $379,789.80. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock valued at $2,519,679 in the last ninety days. Company insiders own 0.38% of the company’s stock.
Several research firms recently commented on ADBE. KeyCorp reiterated an “overweight” rating and issued a $216.00 target price (up from $178.00) on shares of Adobe Systems in a research note on Wednesday, November 22nd. UBS began coverage on Adobe Systems in a research note on Thursday, November 9th. They issued a “buy” rating and a $217.00 target price for the company. Zacks Investment Research lowered Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 21st. Stifel Nicolaus upped their target price on Adobe Systems from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, November 10th. Finally, Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $190.64 target price for the company in a research note on Monday, November 13th. Five investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $176.50.
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Adobe Systems 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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