Doliver Capital Advisors LP bought a new position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 770 shares of the software company’s stock, valued at approximately $208,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its stake in shares of Adobe Systems by 2.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock worth $1,740,637,000 after purchasing an additional 141,525 shares during the period. Morgan Stanley increased its stake in Adobe Systems by 79.1% during the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after acquiring an additional 1,515,736 shares during the period. Edgewood Management LLC bought a new position in Adobe Systems during the 2nd quarter worth $565,496,000. Schwab Charles Investment Management Inc. increased its stake in 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 worth $446,458,000 after acquiring an additional 94,626 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Adobe Systems by 6.3% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,669,677 shares of the software company’s stock worth $407,084,000 after acquiring an additional 99,603 shares during the period. Institutional investors own 85.06% of the company’s stock.
A number of research firms have commented on ADBE. Rosenblatt Securities restated a “buy” rating and set a $280.00 price objective on shares of Adobe Systems in a research note on Sunday, October 21st. Wedbush began coverage on Adobe Systems in a research note on Thursday, October 18th. They set a “neutral” rating and a $270.00 price objective on the stock. Barclays raised their price objective on Adobe Systems from $297.00 to $304.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 16th. BidaskClub lowered Adobe Systems from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Finally, Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 price objective on the stock in a research note on Thursday, October 4th. Ten analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and an average price target of $269.17.
In related news, EVP Ann Lewnes sold 2,910 shares of the firm’s stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $261.21, for a total transaction of $760,121.10. Following the sale, the executive vice president now owns 55,647 shares of the company’s stock, valued at approximately $14,535,552.87. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Bradley Rencher sold 12,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $245.30, for a total value of $2,943,600.00. Following the sale, the executive vice president now directly owns 68,071 shares in the company, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,790 shares of company stock worth $5,247,062. 0.33% of the stock is currently owned by company insiders.
NASDAQ ADBE opened at $240.56 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.66 and a current ratio of 1.66. Adobe Systems Incorporated has a twelve month low of $165.68 and a twelve month high of $277.61. The firm has a market cap of $116.98 billion, a P/E ratio of 67.01, a PEG ratio of 2.58 and a beta of 1.15.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter last year, the business posted $1.10 EPS. Adobe Systems’s revenue for the quarter was up 24.4% on a year-over-year basis. On average, analysts forecast that Adobe Systems Incorporated will post 5.66 earnings per share for the current fiscal year.
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Adobe Systems Profile
Adobe Inc 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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