USA Financial Portformulas Corp bought a new position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 43,903 shares of the software company’s stock, valued at approximately $6,210,000. Adobe Systems makes up about 1.5% of USA Financial Portformulas Corp’s holdings, making the stock its 16th biggest holding.
Several other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after buying an additional 1,651,762 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Adobe Systems by 8.2% during the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after buying an additional 2,621,275 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Adobe Systems by 2.9% during the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock worth $4,808,783,000 after buying an additional 943,487 shares in the last quarter. State Street Corp grew its holdings in shares of Adobe Systems by 1.2% during the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after buying an additional 234,270 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Adobe Systems by 784.4% during the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock worth $1,587,936,000 after buying an additional 9,957,241 shares in the last quarter. 87.49% of the stock is owned by institutional investors and hedge funds.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) traded up 0.888% during mid-day trading on Wednesday, reaching $151.715. 1,022,431 shares of the company traded hands. Adobe Systems Incorporated has a 52-week low of $98.00 and a 52-week high of $157.89. The firm’s 50 day moving average price is $152.02 and its 200-day moving average price is $143.47. The company has a market capitalization of $74.79 billion, a P/E ratio of 47.694 and a beta of 0.98.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. Adobe Systems’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 EPS. Equities analysts predict that Adobe Systems Incorporated will post $4.22 earnings per share for the current fiscal year.
ADBE has been the subject of a number of research reports. Zacks Investment Research lowered shares of Adobe Systems from a “hold” rating to a “sell” rating in a report on Thursday, September 14th. Vetr lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 target price for the company. in a report on Thursday, August 31st. Robert W. Baird set a $160.00 target price on shares of Adobe Systems and gave the stock a “buy” rating in a report on Friday, October 6th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a report on Monday, July 31st. Finally, BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $158.16.
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In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $152.09, for a total value of $297,031.77. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Abhay Parasnis sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,359 shares of company stock worth $4,255,181 over the last three months. 0.38% of the stock is currently owned by corporate insiders.
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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