WINTON GROUP Ltd cut its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 35.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,902 shares of the software company’s stock after selling 26,094 shares during the quarter. WINTON GROUP Ltd’s holdings in Adobe Systems were worth $12,931,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Edgewood Management LLC acquired a new stake in Adobe Systems in the second quarter worth $565,496,000. Morgan Stanley increased its position in Adobe Systems by 79.1% in the second quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after buying an additional 1,515,736 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in Adobe Systems in the second quarter worth $546,000. Chevy Chase Trust Holdings Inc. acquired a new stake in Adobe Systems in the second quarter worth $102,939,000. Finally, Acadian Asset Management LLC acquired a new stake in Adobe Systems in the second quarter worth $101,973,000. Hedge funds and other institutional investors own 85.06% of the company’s stock.
Shares of ADBE stock opened at $246.87 on Friday. Adobe Systems Incorporated has a fifty-two week low of $165.68 and a fifty-two week high of $277.61. The stock has a market cap of $117.43 billion, a P/E ratio of 68.77, a PEG ratio of 2.59 and a beta of 1.15. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results 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 business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the business posted $1.10 earnings per share. The company’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Systems Incorporated will post 5.66 EPS for the current fiscal year.
In related news, EVP Ann Lewnes sold 2,941 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the transaction, the executive vice president now owns 58,557 shares of the company’s stock, valued at $15,877,144.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Bradley Rencher sold 12,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. Insiders have sold 20,790 shares of company stock valued at $5,247,062 in the last ninety days. Company insiders own 0.33% of the company’s stock.
Several equities research analysts have weighed in on the company. BidaskClub raised Adobe Systems from a “hold” rating to a “buy” rating in a research report on Saturday, August 25th. Citigroup increased their target price on Adobe Systems from $260.00 to $309.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Pivotal Research increased their target price on Adobe Systems from $235.00 to $254.00 and gave the stock a “hold” rating in a research report on Friday, September 14th. Jefferies Financial Group increased their target price on Adobe Systems to $315.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Finally, Wedbush initiated coverage on Adobe Systems in a report on Thursday, October 18th. They set a “neutral” rating and a $270.00 price target on the stock. Ten investment 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 a consensus rating of “Buy” and a consensus target price of $269.17.
Adobe Systems Company 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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