Insight Capital Research & Management Inc. raised its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 66.5% during the second quarter, Holdings Channel reports. The institutional investor owned 24,827 shares of the software company’s stock after buying an additional 9,920 shares during the period. Adobe Systems accounts for about 2.1% of Insight Capital Research & Management Inc.’s investment portfolio, making the stock its 5th largest position. Insight Capital Research & Management Inc.’s holdings in Adobe Systems were worth $3,512,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Eastern Bank acquired a new stake in Adobe Systems during the first quarter worth approximately $10,361,000. Winslow Evans & Crocker Inc. increased its stake in Adobe Systems by 13.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 2,042 shares of the software company’s stock worth $266,000 after buying an additional 242 shares in the last quarter. AMI Asset Management Corp acquired a new stake in Adobe Systems during the first quarter worth approximately $22,657,000. Alpha Windward LLC increased its stake in Adobe Systems by 0.9% in the first quarter. Alpha Windward LLC now owns 1,655 shares of the software company’s stock worth $215,000 after buying an additional 15 shares in the last quarter. Finally, Inverness Counsel LLC NY increased its stake in Adobe Systems by 1.1% in the first quarter. Inverness Counsel LLC NY now owns 320,388 shares of the software company’s stock worth $41,452,000 after buying an additional 3,425 shares in the last quarter. Institutional investors own 88.05% of the company’s stock.
Adobe Systems Incorporated (ADBE) traded down 1.951% during mid-day trading on Thursday, reaching $145.455. The company’s stock had a trading volume of 706,139 shares. Adobe Systems Incorporated has a 12 month low of $97.15 and a 12 month high of $150.40. The firm has a market capitalization of $71.77 billion, a PE ratio of 50.664 and a beta of 1.00. The stock’s 50-day moving average is $145.64 and its 200-day moving average is $132.74.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm posted $0.71 earnings per share. Adobe Systems’s quarterly revenue was up 26.7% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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A number of equities research analysts have commented on the company. Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 target price on the stock in a research report on Tuesday, July 18th. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 price objective on shares of Adobe Systems in a report on Monday, July 31st. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 24th. KeyCorp reiterated a “buy” rating on shares of Adobe Systems in a report on Sunday, June 25th. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $153.20.
In other news, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total transaction of $311,034.57. Following the sale, the executive vice president now owns 61,944 shares of the company’s stock, valued at $8,628,179.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is currently owned by insiders.
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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