Northwestern Mutual Investment Management Company LLC boosted its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 75.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 100,197 shares of the software company’s stock after buying an additional 43,101 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Adobe Systems were worth $13,039,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of ADBE. Clean Yield Group purchased a new stake in Adobe Systems during the first quarter worth approximately $100,000. Washington Trust Bank increased its stake in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in Adobe Systems during the first quarter worth approximately $113,000. Sowell Financial Services LLC purchased a new stake in Adobe Systems during the fourth quarter worth approximately $148,000. Finally, Israel Discount Bank of New York GFN purchased a new stake in Adobe Systems during the fourth quarter worth approximately $152,000. Institutional investors own 87.93% of the company’s stock.
Shares of Adobe Systems Incorporated (ADBE) opened at 140.35 on Tuesday. The stock has a 50 day moving average price of $138.57 and a 200 day moving average price of $122.77. The stock has a market cap of $69.43 billion, a P/E ratio of 53.59 and a beta of 0.98. Adobe Systems Incorporated has a 12 month low of $90.35 and a 12 month high of $144.34. Adobe Systems also saw some unusual options trading on Monday. Stock traders acquired 438 put options on the company. This is an increase of 152% compared to the typical daily volume of 174 put options.
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A number of research firms have commented on ADBE. Guggenheim began coverage on Adobe Systems in a research report on Wednesday, April 12th. They set a “buy” rating and a $155.00 target price on the stock. Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $125.31 price objective on the stock in a research report on Tuesday, February 28th. Stifel Nicolaus started coverage on Adobe Systems in a research report on Tuesday, April 11th. They issued a “buy” rating and a $150.00 price objective on the stock. Credit Suisse Group restated a “neutral” rating and issued a $125.00 price objective (up from $105.00) on shares of Adobe Systems in a research report on Friday, March 17th. Finally, Canaccord Genuity upped their price objective on Adobe Systems to $145.00 in a research report on Friday, March 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-six have given a buy rating to the company’s stock. Adobe Systems has an average rating of “Buy” and an average price target of $140.51.
In other Adobe Systems news, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction that occurred on Wednesday, April 12th. The stock was sold at an average price of $129.96, for a total transaction of $290,200.68. Following the sale, the executive vice president now directly owns 66,410 shares of the company’s stock, valued at $8,630,643.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan Lamkin sold 20,000 shares of Adobe Systems stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $130.30, for a total value of $2,606,000.00. Following the sale, the executive vice president now directly owns 52,083 shares in the company, valued at $6,786,414.90. The disclosure for this sale can be found here. Insiders have sold 28,932 shares of company stock worth $3,789,736 over the last ninety days. Company insiders own 0.38% of the company’s stock.
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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