Outfitter Advisors LTD. trimmed its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,937 shares of the software company’s stock after selling 1,895 shares during the period. Adobe Systems makes up about 2.4% of Outfitter Advisors LTD.’s holdings, making the stock its 12th biggest position. Outfitter Advisors LTD.’s holdings in Adobe Systems were worth $6,356,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. BlackRock Inc. grew its stake in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after purchasing an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Adobe Systems by 92.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock worth $438,907,000 after acquiring an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP bought a new stake in shares of Adobe Systems during the 1st quarter worth about $209,666,000. Pioneer Investment Management Inc. bought a new stake in shares of Adobe Systems during the 1st quarter worth about $201,774,000. Finally, Wellington Management Group LLP boosted its stake in shares of Adobe Systems by 40.3% during the 1st quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock worth $521,737,000 after acquiring an additional 1,152,281 shares in the last quarter. Hedge funds and other institutional investors own 87.53% of the company’s stock.
Several analysts recently weighed in on ADBE shares. Robert W. Baird restated an “outperform” rating and set a $160.00 target price (up previously from $140.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price target for the company in a report on Friday, June 23rd. Royal Bank Of Canada increased their target price on Adobe Systems from $135.00 to $157.00 and gave the stock an “outperform” rating in a report on Thursday, May 25th. Vetr cut Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 target price for the company. in a report on Thursday, August 31st. Finally, Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $154.08.
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In other news, EVP Abhay Parasnis sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $149.38, for a total transaction of $1,867,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel Rosensweig sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total transaction of $1,580,810.00. Following the transaction, the director now directly owns 8,801 shares of the company’s stock, valued at $1,264,791.71. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,959 shares of company stock worth $14,870,874. Insiders own 0.38% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 154.49 on Friday. Adobe Systems Incorporated has a one year low of $98.00 and a one year high of $157.89. The stock’s 50 day moving average price is $151.06 and its 200-day moving average price is $139.34. The company has a market cap of $76.23 billion, a PE ratio of 53.81 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the firm posted $0.71 earnings per share. Adobe Systems’s quarterly revenue was up 26.7% on a year-over-year basis. On average, analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current year.
Adobe Systems Company Profile
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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