Mission Wealth Management LP boosted its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 23.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,638 shares of the software company’s stock after buying an additional 314 shares during the quarter. Mission Wealth Management LP’s holdings in Adobe Systems were worth $399,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Schwab Charles Investment Management Inc. lifted its stake in Adobe Systems by 5.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,831,169 shares of the software company’s stock worth $446,458,000 after purchasing an additional 94,626 shares in the last quarter. Miracle Mile Advisors LLC increased its holdings in shares of Adobe Systems by 5.0% during the 2nd quarter. Miracle Mile Advisors LLC now owns 9,809 shares of the software company’s stock worth $2,392,000 after buying an additional 470 shares during the last quarter. Overbrook Management Corp acquired a new stake in shares of Adobe Systems during the 2nd quarter worth approximately $204,000. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Adobe Systems by 2.1% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 67,221 shares of the software company’s stock worth $16,389,000 after buying an additional 1,378 shares during the last quarter. Finally, Flossbach Von Storch AG increased its holdings in shares of Adobe Systems by 0.6% during the 2nd quarter. Flossbach Von Storch AG now owns 54,515 shares of the software company’s stock worth $13,291,000 after buying an additional 340 shares during the last quarter. 86.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on ADBE shares. Bank of America raised their price target on shares of Adobe Systems from $278.00 to $292.00 in a report on Friday, June 15th. Stifel Nicolaus raised their price target on shares of Adobe Systems from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, June 15th. Canaccord Genuity restated a “buy” rating and set a $280.00 price target (up previously from $245.00) on shares of Adobe Systems in a report on Friday, June 15th. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $267.00 price target for the company in a report on Tuesday, May 15th. Finally, Robert W. Baird raised their price target on shares of Adobe Systems from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Ten investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $241.76.
NASDAQ:ADBE opened at $245.70 on Monday. The firm has a market capitalization of $124.23 billion, a price-to-earnings ratio of 68.44, a price-to-earnings-growth ratio of 2.76 and a beta of 1.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08. Adobe Systems Incorporated has a 52 week low of $143.95 and a 52 week high of $263.83.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.54 by $0.12. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.16 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The company’s quarterly revenue was up 23.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 earnings per share. sell-side analysts anticipate that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.
Adobe Systems declared that its board has approved a stock buyback program on Monday, May 21st that allows the company to repurchase $8.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Adobe Systems news, EVP Ann Lewnes sold 2,939 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total value of $745,918.20. Following the completion of the transaction, the executive vice president now owns 61,498 shares in the company, valued at $15,608,192.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles M. Geschke sold 6,000 shares of the business’s stock in a transaction on Monday, June 18th. The stock was sold at an average price of $255.19, for a total transaction of $1,531,140.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,324 shares of company stock valued at $6,511,829. Insiders own 0.33% of the company’s stock.
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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