Arizona State Retirement System raised its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,598 shares of the software company’s stock after purchasing an additional 2,464 shares during the quarter. Arizona State Retirement System’s holdings in Adobe Systems were worth $34,035,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of ADBE. BlackRock Inc. raised its position in Adobe Systems by 3.6% in the first quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock valued at $7,316,684,000 after purchasing an additional 1,185,325 shares during the period. PointState Capital LP raised its position in Adobe Systems by 2,178.0% in the first quarter. PointState Capital LP now owns 1,100,014 shares of the software company’s stock valued at $237,691,000 after purchasing an additional 1,051,726 shares during the period. Summit Trail Advisors LLC raised its position in Adobe Systems by 29,729.8% in the first quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock valued at $513,000 after purchasing an additional 511,352 shares during the period. Winslow Capital Management LLC raised its position in Adobe Systems by 31.2% in the first quarter. Winslow Capital Management LLC now owns 2,044,847 shares of the software company’s stock valued at $441,850,000 after purchasing an additional 485,801 shares during the period. Finally, Chevy Chase Trust Holdings Inc. purchased a new stake in Adobe Systems in the second quarter valued at $102,939,000. Institutional investors own 86.51% of the company’s stock.
In related news, EVP Ann Lewnes sold 2,945 shares of the business’s stock in a transaction on Wednesday, June 20th. The stock was sold at an average price of $253.50, for a total transaction of $746,557.50. Following the completion of the transaction, the executive vice president now directly owns 67,377 shares of the company’s stock, valued at approximately $17,080,069.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the business’s stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total value of $2,730,105.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,324 shares of company stock valued at $6,511,829 over the last three months. 0.33% of the stock is currently owned by insiders.
A number of equities research analysts have commented on ADBE shares. Bank of America lifted their target price on Adobe Systems from $278.00 to $292.00 in a research report on Friday, June 15th. Stifel Nicolaus lifted their target price on Adobe Systems from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, June 15th. Canaccord Genuity restated a “buy” rating and issued a $280.00 target price (up previously from $245.00) on shares of Adobe Systems in a research 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 on the stock in a research report on Tuesday, May 15th. Finally, Robert W. Baird lifted their target price on Adobe Systems from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Ten investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Adobe Systems currently has a consensus rating of “Buy” and an average target price of $241.76.
Shares of NASDAQ ADBE opened at $245.70 on Friday. Adobe Systems Incorporated has a twelve month low of $143.95 and a twelve month high of $263.83. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $124.23 billion, a PE ratio of 68.44, a PEG ratio of 2.76 and a beta of 1.12.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.54 by $0.12. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The company’s revenue was up 23.9% on a year-over-year basis. research analysts anticipate that Adobe Systems Incorporated will post 5.61 EPS for the current year.
Adobe Systems declared that its board has approved a stock buyback program on Monday, May 21st that authorizes the company to buyback $8.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
About Adobe Systems
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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