American Research & Management Co. raised its stake in Adobe Systems Inc. (NASDAQ:ADBE) by 26.8% during the second quarter, Holdings Channel reports. The fund owned 38,309 shares of the software company’s stock after buying an additional 8,102 shares during the period. Adobe Systems comprises about 1.4% of American Research & Management Co.’s holdings, making the stock its 25th largest position. American Research & Management Co.’s holdings in Adobe Systems were worth $3,670,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. AXA increased its position in shares of Adobe Systems by 7.8% in the first quarter. AXA now owns 165,748 shares of the software company’s stock valued at $15,547,000 after buying an additional 12,000 shares during the last quarter. Pictet Asset Management Ltd. increased its position in shares of Adobe Systems by 1.5% in the first quarter. Pictet Asset Management Ltd. now owns 265,541 shares of the software company’s stock valued at $22,611,000 after buying an additional 3,900 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Adobe Systems during the first quarter valued at approximately $6,012,000. Capital Growth Management LP acquired a new position in shares of Adobe Systems during the first quarter valued at approximately $8,911,000. Finally, UBS Group AG increased its position in shares of Adobe Systems by 212.2% in the first quarter. UBS Group AG now owns 2,337,570 shares of the software company’s stock valued at $219,264,000 after buying an additional 1,588,934 shares during the last quarter. 87.74% of the stock is owned by hedge funds and other institutional investors.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.87% during mid-day trading on Tuesday, reaching $108.42. The company had a trading volume of 1,301,586 shares. The firm has a market capitalization of $53.91 billion, a PE ratio of 55.32 and a beta of 1.27. Adobe Systems Inc. has a 12-month low of $71.27 and a 12-month high of $110.13. The stock has a 50 day moving average price of $104.98 and a 200 day moving average price of $98.99.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. The firm earned $1.46 billion during the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS. On average, equities analysts forecast that Adobe Systems Inc. will post $2.97 earnings per share for the current year.
Several brokerages have commented on ADBE. Vetr downgraded Adobe Systems from a “hold” rating to a “sell” rating and set a $105.68 target price for the company. in a research note on Monday, October 10th. RBC Capital Markets reissued an “outperform” rating and set a $116.00 target price (up previously from $115.00) on shares of Adobe Systems in a research note on Thursday, September 22nd. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Adobe Systems in a research note on Friday, September 23rd. Argus boosted their target price on Adobe Systems from $110.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday, September 23rd. Finally, Dougherty & Co reissued a “buy” rating and set a $122.00 target price on shares of Adobe Systems in a research note on Friday, September 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the stock. Adobe Systems has an average rating of “Buy” and a consensus target price of $111.88.
In other news, EVP Ann Lewnes sold 4,000 shares of Adobe Systems stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $98.40, for a total transaction of $393,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael A. Dillon sold 5,450 shares of Adobe Systems stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $101.85, for a total value of $555,082.50. Following the sale, the executive vice president now owns 44,324 shares of the company’s stock, valued at approximately $4,514,399.40. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
About Adobe Systems
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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