NuWave Investment Management LLC Takes Position in Adobe Systems Incorporated (ADBE)

NuWave Investment Management LLC acquired a new position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,804 shares of the software company’s stock, valued at approximately $491,000.

A number of other hedge funds have also recently modified their holdings of ADBE. Cerebellum GP LLC purchased a new stake in Adobe Systems during the fourth quarter valued at about $118,000. Community Bank N.A. acquired a new position in shares of Adobe Systems during the fourth quarter worth about $122,000. Parkside Financial Bank & Trust lifted its stake in shares of Adobe Systems by 170.3% during the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock worth $135,000 after purchasing an additional 567 shares in the last quarter. BB&T Investment Services Inc. lifted its stake in shares of Adobe Systems by 42.4% during the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock worth $138,000 after purchasing an additional 275 shares in the last quarter. Finally, Exane Derivatives lifted its stake in shares of Adobe Systems by 55.0% during the third quarter. Exane Derivatives now owns 958 shares of the software company’s stock worth $143,000 after purchasing an additional 340 shares in the last quarter. 86.18% of the stock is owned by hedge funds and other institutional investors.

Adobe Systems Incorporated (NASDAQ ADBE) traded down $1.41 during midday trading on Tuesday, hitting $201.56. 2,172,500 shares of the stock were exchanged, compared to its average volume of 2,691,476. Adobe Systems Incorporated has a 1-year low of $117.83 and a 1-year high of $204.45. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.05 and a quick ratio of 2.05. The firm has a market capitalization of $99,080.00, a P/E ratio of 59.86, a PEG ratio of 2.46 and a beta of 1.18.

Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, December 14th. The software company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.10. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.95 billion. Adobe Systems had a net margin of 23.20% and a return on equity of 22.15%. The business’s quarterly revenue was up 24.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. analysts anticipate that Adobe Systems Incorporated will post 5.12 EPS for the current fiscal year.

In related news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $173.50, for a total value of $338,845.50. Following the completion of the sale, the executive vice president now owns 50,497 shares in the company, valued at $8,761,229.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Shantanu Narayen sold 165,023 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $197.89, for a total transaction of $32,656,401.47. The disclosure for this sale can be found here. Insiders have sold 351,199 shares of company stock worth $67,326,422 over the last three months. Company insiders own 0.38% of the company’s stock.

ADBE has been the topic of several recent analyst reports. Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a research note on Tuesday, February 13th. Argus boosted their price target on Adobe Systems from $195.00 to $234.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Evercore ISI reiterated a “buy” rating and issued a $220.00 price target on shares of Adobe Systems in a research note on Friday, January 26th. Guggenheim restated a “buy” rating and set a $230.00 price objective on shares of Adobe Systems in a research note on Tuesday, January 23rd. Finally, Stephens restated a “buy” rating and set a $215.00 price objective on shares of Adobe Systems in a research note on Tuesday, January 23rd. Eight research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $198.15.

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About Adobe Systems

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.

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

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