Westover Capital Advisors LLC lifted its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 90.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,698 shares of the software company’s stock after buying an additional 1,282 shares during the quarter. Westover Capital Advisors LLC’s holdings in Adobe Systems were worth $472,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Grove Bank & Trust increased its position in Adobe Systems by 14.9% in the third quarter. Grove Bank & Trust now owns 4,546 shares of the software company’s stock worth $678,000 after purchasing an additional 591 shares during the last quarter. Bluestein R H & Co. bought a new position in Adobe Systems during the third quarter valued at $2,812,000. Great West Life Assurance Co. Can increased its position in Adobe Systems by 13.0% during the third quarter. Great West Life Assurance Co. Can now owns 517,173 shares of the software company’s stock valued at $76,120,000 after acquiring an additional 59,670 shares during the last quarter. Bank of Hawaii increased its position in Adobe Systems by 93.3% during the fourth quarter. Bank of Hawaii now owns 10,030 shares of the software company’s stock valued at $1,758,000 after acquiring an additional 4,840 shares during the last quarter. Finally, Atlantic Trust Group LLC increased its position in Adobe Systems by 117.1% during the third quarter. Atlantic Trust Group LLC now owns 1,024,227 shares of the software company’s stock valued at $152,795,000 after acquiring an additional 552,491 shares during the last quarter. 87.02% of the stock is currently owned by hedge funds and other institutional investors.
ADBE has been the topic of a number of analyst reports. Bank of America reiterated a “buy” rating and set a $220.00 price objective (up previously from $213.00) on shares of Adobe Systems in a research report on Wednesday, December 13th. Credit Suisse Group reiterated a “buy” rating and set a $190.00 price objective on shares of Adobe Systems in a research report on Wednesday, December 13th. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $203.00 price objective on the stock in a research report on Monday, December 4th. Cowen reiterated a “buy” rating and set a $200.00 price objective on shares of Adobe Systems in a research report on Monday, December 11th. Finally, BidaskClub cut shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 6th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $214.06.
In other Adobe Systems news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert K. Burgess sold 25,000 shares of the stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $175.39, for a total transaction of $4,384,750.00. Following the sale, the director now directly owns 12,375 shares of the company’s stock, valued at $2,170,451.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 349,646 shares of company stock valued at $67,309,347. Insiders own 0.33% of the company’s stock.
Shares of Adobe Systems stock opened at $224.81 on Thursday. Adobe Systems Incorporated has a one year low of $126.01 and a one year high of $231.34. The firm has a market cap of $113,343.37, a PE ratio of 60.33, a P/E/G ratio of 2.65 and a beta of 1.10. The company has a quick ratio of 2.05, a current ratio of 2.12 and a debt-to-equity ratio of 0.22.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 15th. The software company reported $1.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.11. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.43) earnings per share. analysts anticipate that Adobe Systems Incorporated will post 5.35 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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