Truewealth LLC bought a new stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 923 shares of the software company’s stock, valued at approximately $162,000.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Polen Capital Management LLC raised its stake in Adobe Systems by 1.2% during the 4th quarter. Polen Capital Management LLC now owns 6,362,305 shares of the software company’s stock valued at $1,114,930,000 after purchasing an additional 73,489 shares during the period. Ameriprise Financial Inc. raised its stake in Adobe Systems by 9.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,543,635 shares of the software company’s stock valued at $826,991,000 after purchasing an additional 488,904 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Adobe Systems by 2.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,368,796 shares of the software company’s stock valued at $940,828,000 after purchasing an additional 128,148 shares during the period. Geode Capital Management LLC raised its stake in Adobe Systems by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 5,197,567 shares of the software company’s stock valued at $908,904,000 after purchasing an additional 165,632 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Adobe Systems by 2.1% during the 3rd quarter. Wells Fargo & Company MN now owns 2,956,394 shares of the software company’s stock valued at $441,035,000 after purchasing an additional 59,616 shares during the period. 87.06% of the stock is currently owned by institutional investors.
In related news, CFO Mark Garrett sold 54,488 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $187.38, for a total transaction of $10,209,961.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Donna Morris sold 29,404 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $197.62, for a total value of $5,810,818.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 349,246 shares of company stock valued at $66,987,577. 0.33% of the stock is owned by company insiders.
Adobe Systems Incorporated (NASDAQ:ADBE) traded down $1.32 on Wednesday, reaching $218.44. The company had a trading volume of 3,356,727 shares, compared to its average volume of 2,770,000. Adobe Systems Incorporated has a one year low of $120.62 and a one year high of $224.90. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.22. The stock has a market cap of $107,760.00, a PE ratio of 64.63, a P/E/G ratio of 2.70 and a beta of 1.10.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, December 14th. The software company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.10. Adobe Systems had a return on equity of 22.15% and a net margin of 23.20%. The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the previous year, the business earned $0.90 EPS. Adobe Systems’s revenue was up 24.8% compared to the same quarter last year. sell-side analysts anticipate that Adobe Systems Incorporated will post 5.12 EPS for the current fiscal year.
ADBE has been the topic of several recent analyst reports. Bank of America reissued a “buy” rating and set a $220.00 target price (up previously from $213.00) on shares of Adobe Systems in a research note on Wednesday, December 13th. Zacks Investment Research downgraded Adobe Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. Argus lifted their price objective on Adobe Systems from $195.00 to $234.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Royal Bank of Canada lifted their price objective on Adobe Systems to $235.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Finally, Barclays lifted their price objective on Adobe Systems to $193.00 and gave the stock an “overweight” rating in a research note on Friday, December 15th. Eight research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $201.26.
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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.
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