Adobe Systems Incorporated (ADBE) Shares Bought by Abbrea Capital LLC

Share on StockTwits

Abbrea Capital LLC raised its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 53.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,089 shares of the software company’s stock after acquiring an additional 1,070 shares during the period. Abbrea Capital LLC’s holdings in Adobe Systems were worth $753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Adobe Systems by 3.6% during the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock worth $7,316,684,000 after acquiring an additional 1,185,325 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Adobe Systems by 2.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock valued at $1,740,637,000 after purchasing an additional 141,525 shares during the last quarter. Polen Capital Management LLC increased its position in shares of Adobe Systems by 1.6% during the 1st quarter. Polen Capital Management LLC now owns 6,461,486 shares of the software company’s stock valued at $1,396,198,000 after purchasing an additional 99,181 shares during the last quarter. Winslow Capital Management LLC increased its position in shares of Adobe Systems by 31.2% during the 1st 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 last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Adobe Systems by 5.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,831,169 shares of the software company’s stock valued at $446,458,000 after purchasing an additional 94,626 shares during the last quarter. 86.51% of the stock is currently owned by institutional investors and hedge funds.

In other news, EVP Ann Lewnes sold 2,945 shares of the 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 transaction, the executive vice president now owns 67,377 shares of the company’s stock, valued at approximately $17,080,069.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles M. Geschke sold 6,000 shares of the stock in a transaction on Monday, June 18th. The stock was sold at an average price of $255.19, for a total value of $1,531,140.00. The disclosure for this sale can be found here. Insiders sold a total of 25,324 shares of company stock worth $6,511,829 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Shares of Adobe Systems stock opened at $249.76 on Tuesday. The firm has a market capitalization of $124.23 billion, a price-to-earnings ratio of 69.57, 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 quick ratio of 2.08 and a current 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 announced its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.54 by $0.12. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.16 billion. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. Adobe Systems’s quarterly revenue was up 23.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 EPS. equities analysts expect that Adobe Systems Incorporated will post 5.61 EPS for the current fiscal year.

Adobe Systems declared that its board has initiated a share repurchase program on Monday, May 21st that permits the company to buyback $8.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Several research firms have recently weighed in on ADBE. BMO Capital Markets boosted their target price on Adobe Systems from $260.00 to $278.00 and gave the company an “outperform” rating in a research report on Friday, June 15th. Stifel Nicolaus boosted 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 reissued a “buy” rating and set a $280.00 target price (up previously from $245.00) on shares of Adobe Systems in a research report on Friday, June 15th. Piper Jaffray Companies reissued an “overweight” rating and set a $290.00 target price on shares of Adobe Systems in a research report on Friday, June 15th. Finally, BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 18th. Ten investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $241.76.

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.

Further Reading: Relative Strength Index

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

Receive News & Ratings for Adobe Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply