Los Angeles Capital Management & Equity Research Inc. grew its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 13,095.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 687,592 shares of the software company’s stock after buying an additional 682,381 shares during the period. Adobe Systems comprises 0.6% of Los Angeles Capital Management & Equity Research Inc.’s portfolio, making the stock its 26th largest position. Los Angeles Capital Management & Equity Research Inc. owned 0.14% of Adobe Systems worth $97,253,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. 1ST Source Bank lifted its holdings in Adobe Systems by 0.3% during the 2nd quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after buying an additional 6 shares during the last quarter. Guardian Life Insurance Co. of America lifted its holdings in Adobe Systems by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock worth $250,000 after buying an additional 13 shares during the last quarter. Perigon Wealth Management LLC lifted its holdings in Adobe Systems by 0.4% during the 1st quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock worth $387,000 after buying an additional 13 shares during the last quarter. Trust Co. of Vermont lifted its holdings in Adobe Systems by 0.6% during the 2nd quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock worth $372,000 after buying an additional 16 shares during the last quarter. Finally, Bank of Stockton lifted its holdings in Adobe Systems by 0.4% during the 2nd quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock worth $743,000 after buying an additional 20 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.
ADBE has been the topic of a number of research analyst reports. Royal Bank Of Canada increased their target price on Adobe Systems from $135.00 to $157.00 and gave the stock an “outperform” rating in a report on Thursday, May 25th. Vetr downgraded Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 target price on the stock. in a report on Thursday, May 25th. BMO Capital Markets reaffirmed an “outperform” rating and set a $160.00 target price (up previously from $140.00) on shares of Adobe Systems in a report on Friday, June 9th. Pivotal Research cut Adobe Systems from a “hold” rating to a “sell” rating and increased their price target for the stock from $109.00 to $112.00 in a research report on Monday, June 12th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $161.00 price target (up from $141.00) on shares of Adobe Systems in a research report on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $154.41.
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In other Adobe Systems news, EVP Donna Morris sold 5,000 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $145.00, for a total transaction of $725,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John E. Warnock sold 32,600 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. Insiders have sold a total of 101,959 shares of company stock valued at $14,870,874 in the last quarter. Corporate insiders own 0.38% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 156.60 on Wednesday. Adobe Systems Incorporated has a 1-year low of $98.00 and a 1-year high of $157.89. The company has a market capitalization of $77.27 billion, a price-to-earnings ratio of 54.55 and a beta of 1.00. The stock’s 50 day moving average price is $151.61 and its 200 day moving average price is $140.16. Adobe Systems also saw some unusual options trading activity on Monday. Stock investors bought 14,327 call options on the stock. This represents an increase of approximately 408% compared to the typical volume of 2,821 call options.
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 consensus estimate of $1.01 by $0.09. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS. Analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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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