Advisors Asset Management Inc. lowered its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 4.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 118,189 shares of the software company’s stock after selling 5,423 shares during the quarter. Adobe Systems comprises 0.5% of Advisors Asset Management Inc.’s portfolio, making the stock its 23rd largest position. Advisors Asset Management Inc.’s holdings in Adobe Systems were worth $28,816,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Rockland Trust Co. acquired a new stake in shares of Adobe Systems in the second quarter valued at about $700,000. Creative Planning grew its stake in shares of Adobe Systems by 53.5% in the second quarter. Creative Planning now owns 41,801 shares of the software company’s stock valued at $10,191,000 after buying an additional 14,574 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new stake in shares of Adobe Systems in the second quarter valued at about $546,000. Bogart Wealth LLC acquired a new stake in Adobe Systems during the 2nd quarter valued at approximately $352,000. Finally, TCI Wealth Advisors Inc. grew its stake in Adobe Systems by 207.1% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 1,044 shares of the software company’s stock valued at $255,000 after purchasing an additional 704 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.
A number of equities research analysts have weighed in on the company. Barclays raised their price objective on Adobe Systems to $297.00 and gave the company an “overweight” rating in a research note on Wednesday, September 12th. KeyCorp restated a “buy” rating and set a $286.00 price objective (up previously from $276.00) on shares of Adobe Systems in a research note on Friday, September 14th. Credit Suisse Group raised their price objective on Adobe Systems from $275.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, September 14th. Guggenheim assumed coverage on Adobe Systems in a research note on Tuesday, August 7th. They set a “neutral” rating and a $275.00 price objective for the company. Finally, BidaskClub upgraded Adobe Systems from a “hold” rating to a “buy” rating in a research note on Saturday, August 25th. Ten investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $262.03.
NASDAQ:ADBE opened at $238.01 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.66 and a current ratio of 1.66. Adobe Systems Incorporated has a 52 week low of $148.15 and a 52 week high of $277.61. The company has a market cap of $131.77 billion, a price-to-earnings ratio of 67.01, a PEG ratio of 2.91 and a beta of 1.08.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.04. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter last year, the business posted $1.10 EPS. Adobe Systems’s quarterly revenue was up 24.4% compared to the same quarter last year. On average, research analysts forecast that Adobe Systems Incorporated will post 5.65 earnings per share for the current fiscal year.
Adobe Systems Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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