AMP Capital Investors Ltd trimmed its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 402,922 shares of the software company’s stock after selling 3,944 shares during the quarter. AMP Capital Investors Ltd’s holdings in Adobe Systems were worth $98,234,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Castle Rock Wealth Management LLC raised its position in Adobe Systems by 131.5% during the second quarter. Castle Rock Wealth Management LLC now owns 2,984 shares of the software company’s stock valued at $728,000 after acquiring an additional 1,695 shares in the last quarter. Van ECK Associates Corp purchased a new position in Adobe Systems during the second quarter valued at approximately $4,548,000. Baird Financial Group Inc. raised its position in Adobe Systems by 5.7% during the second quarter. Baird Financial Group Inc. now owns 13,864 shares of the software company’s stock valued at $3,380,000 after acquiring an additional 747 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new position in Adobe Systems during the second quarter valued at approximately $38,534,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in Adobe Systems by 543.4% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 30,548 shares of the software company’s stock valued at $7,448,000 after acquiring an additional 25,800 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.
Adobe Systems stock opened at $256.14 on Thursday. The company has a market capitalization of $129.03 billion, a PE ratio of 71.35, a price-to-earnings-growth ratio of 2.87 and a beta of 1.11. Adobe Systems Incorporated has a 12 month low of $143.95 and a 12 month high of $269.96. 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 (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, beating the Zacks’ consensus estimate of $1.54 by $0.12. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The business’s revenue was up 23.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 earnings per share. equities analysts predict that Adobe Systems Incorporated will post 5.61 EPS for the current fiscal year.
Adobe Systems announced that its Board of Directors has initiated a share buyback program on Monday, May 21st that permits the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 6.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Several brokerages recently weighed in on ADBE. Guggenheim began coverage on Adobe Systems in a research report on Tuesday, August 7th. They set a “neutral” rating and a $275.00 price target for the company. Morgan Stanley lifted their price target on Adobe Systems from $235.00 to $250.00 and gave the company an “equal weight” rating in a research report on Friday, June 15th. BidaskClub upgraded Adobe Systems from a “hold” rating to a “buy” rating in a research report on Saturday, August 25th. Barclays lifted their price target on Adobe Systems from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Tuesday, June 12th. Finally, Zacks Investment Research cut Adobe Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. Nine research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $241.76.
In other news, EVP Abhay Parasnis sold 10,500 shares of Adobe Systems stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Charles M. Geschke sold 6,000 shares of Adobe Systems stock in a transaction that occurred 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 25,324 shares of company stock worth $6,511,829 over the last ninety days. Corporate 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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