Birinyi Associates Inc. boosted its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 2.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,600 shares of the software company’s stock after purchasing an additional 200 shares during the quarter. Birinyi Associates Inc.’s holdings in Adobe Systems were worth $1,075,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of ADBE. BlackRock Inc. increased its holdings 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 worth $4,141,250,000 after purchasing an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in Adobe Systems by 92.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock valued at $438,907,000 after acquiring an additional 1,619,111 shares during the period. Egerton Capital UK LLP acquired a new stake in Adobe Systems in the first quarter valued at approximately $209,666,000. Pioneer Investment Management Inc. acquired a new stake in Adobe Systems in the first quarter valued at approximately $201,774,000. Finally, Wellington Management Group LLP grew its stake in Adobe Systems by 40.3% in the first quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock valued at $521,737,000 after acquiring an additional 1,152,281 shares during the period. Institutional investors and hedge funds own 87.53% of the company’s stock.
A number of equities research analysts have commented on the company. Piper Jaffray Companies reissued a “buy” rating and issued a $180.00 price objective on shares of Adobe Systems in a research note on Tuesday. Jefferies Group LLC reissued a “buy” rating and issued a $175.00 price objective on shares of Adobe Systems in a research note on Tuesday. Zacks Investment Research cut Adobe Systems from a “hold” rating to a “sell” rating in a research report on Thursday. BMO Capital Markets reaffirmed an “outperform” rating on shares of Adobe Systems in a research report on Tuesday. Finally, BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $153.88.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 154.94 on Friday. The firm has a 50 day moving average price of $150.82 and a 200 day moving average price of $139.09. The company has a market capitalization of $76.45 billion, a price-to-earnings ratio of 53.97 and a beta of 1.00. Adobe Systems Incorporated has a 52 week low of $98.00 and a 52 week high of $157.89.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same period last year, the business posted $0.71 EPS. Equities analysts forecast that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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In other news, Director John E. Warnock sold 32,600 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total value of $4,696,682.00. Following the transaction, the director now directly owns 16,088 shares in the company, valued at approximately $2,317,798.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the completion of the transaction, the executive vice president now owns 56,356 shares in the company, valued at $8,784,773.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,959 shares of company stock worth $14,870,874. Company insiders own 0.38% of the company’s stock.
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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