Icon Advisers Inc. Co. reduced its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 13.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 87,062 shares of the software company’s stock after selling 13,159 shares during the quarter. Adobe Systems comprises about 2.0% of Icon Advisers Inc. Co.’s portfolio, making the stock its 6th largest holding. Icon Advisers Inc. Co.’s holdings in Adobe Systems were worth $23,502,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently made changes to their positions in the stock. Signature Estate & Investment Advisors LLC purchased a new position in Adobe Systems during the 2nd quarter worth approximately $107,000. JNBA Financial Advisors raised its position in Adobe Systems by 4,366.7% during the 3rd quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock worth $145,000 after buying an additional 524 shares during the last quarter. Centaurus Financial Inc. purchased a new position in Adobe Systems during the 2nd quarter worth approximately $170,000. Mckinley Capital Management LLC Delaware purchased a new position in Adobe Systems during the 2nd quarter worth approximately $177,000. Finally, Valeo Financial Advisors LLC purchased a new position in Adobe Systems during the 2nd quarter worth approximately $198,000. 85.06% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Bradley Rencher sold 12,000 shares of Adobe Systems 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 owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Lewnes sold 2,910 shares of Adobe Systems stock in a transaction on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total transaction of $760,121.10. Following the completion of the sale, the executive vice president now directly owns 55,647 shares in the company, valued at approximately $14,535,552.87. The disclosure for this sale can be found here. Insiders sold a total of 20,790 shares of company stock worth $5,247,062 in the last three months. 0.33% of the stock is owned by corporate insiders.
A number of equities analysts have issued reports on ADBE shares. Argus raised their price target on shares of Adobe Systems from $289.00 to $320.00 and gave the stock a “buy” rating in a research report on Monday, September 17th. Barclays raised their price target on shares of Adobe Systems from $297.00 to $304.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 16th. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 price target for the company in a research report on Thursday, October 4th. BidaskClub lowered shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. Finally, Citigroup raised their price target on shares of Adobe Systems from $260.00 to $309.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Ten investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and a consensus price target of $269.17.
NASDAQ:ADBE opened at $249.96 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The company has a market cap of $117.43 billion, a PE ratio of 69.63, a PEG ratio of 2.59 and a beta of 1.15. Adobe Systems Incorporated has a 1-year low of $165.68 and a 1-year high of $277.61.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.04. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The business’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.10 EPS. Analysts expect 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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