Stonebridge Capital Advisors LLC Takes Position in Adobe Systems Incorporated (ADBE)

Stonebridge Capital Advisors LLC purchased a new stake in Adobe Systems Incorporated (NASDAQ:ADBE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,355 shares of the software company’s stock, valued at approximately $799,000.

Other hedge funds have also added to or reduced their stakes in the company. Creative Planning boosted its position in Adobe Systems by 10.6% during the second quarter. Creative Planning now owns 24,159 shares of the software company’s stock worth $3,417,000 after acquiring an additional 2,318 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Adobe Systems by 19.0% during the second quarter. State of Alaska Department of Revenue now owns 1,752 shares of the software company’s stock worth $247,000 after acquiring an additional 280 shares during the last quarter. National Pension Service boosted its position in Adobe Systems by 10.0% during the second quarter. National Pension Service now owns 404,930 shares of the software company’s stock worth $57,192,000 after acquiring an additional 36,888 shares during the last quarter. Forte Capital LLC ADV boosted its position in Adobe Systems by 1.2% during the second quarter. Forte Capital LLC ADV now owns 36,689 shares of the software company’s stock worth $5,189,000 after acquiring an additional 450 shares during the last quarter. Finally, Chesley Taft & Associates LLC boosted its position in Adobe Systems by 2.8% during the second quarter. Chesley Taft & Associates LLC now owns 29,049 shares of the software company’s stock worth $4,109,000 after acquiring an additional 780 shares during the last quarter. Institutional investors and hedge funds own 87.45% of the company’s stock.

In related news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $152.09, for a total transaction of $297,031.77. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Matthew Thompson sold 2,190 shares of Adobe Systems stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $173.42, for a total transaction of $379,789.80. The disclosure for this sale can be found here. In the last three months, insiders sold 12,896 shares of company stock worth $2,215,246. Insiders own 0.38% of the company’s stock.

A number of brokerages recently issued reports on ADBE. Citigroup raised their target price on shares of Adobe Systems from $163.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. Vetr upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating and set a $198.52 target price on the stock in a research report on Wednesday, November 29th. Credit Suisse Group restated a “positive” rating and set a $170.00 target price (up previously from $160.00) on shares of Adobe Systems in a research report on Wednesday, September 20th. Robert W. Baird restated a “buy” rating and set a $160.00 target price on shares of Adobe Systems in a research report on Friday, September 1st. Finally, J P Morgan Chase & Co reiterated a “buy” rating and issued a $185.00 price target on shares of Adobe Systems in a report on Thursday, October 19th. Six investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $177.56.

Adobe Systems Incorporated (NASDAQ ADBE) opened at $172.54 on Wednesday. Adobe Systems Incorporated has a one year low of $101.91 and a one year high of $186.27. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.23. The company has a market cap of $85,560.12, a price-to-earnings ratio of 52.28, a PEG ratio of 2.19 and a beta of 1.05.

Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the firm posted $0.75 EPS. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. sell-side analysts forecast that Adobe Systems Incorporated will post 3.46 earnings per share for the current year.

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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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Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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