USA Financial Portformulas Corp purchased a new position in Adobe Systems Incorporated (NASDAQ:ADBE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 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 portfolio, making the stock its 16th biggest holding.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. 1ST Source Bank grew its holdings in shares of Adobe Systems by 0.3% during the second quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after buying an additional 6 shares in the last quarter. Guardian Life Insurance Co. of America lifted its position in Adobe Systems by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock valued at $250,000 after buying an additional 13 shares during the last quarter. Perigon Wealth Management LLC lifted its position in Adobe Systems by 0.4% in the first quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock valued at $387,000 after buying an additional 13 shares during the last quarter. Trust Co. of Vermont lifted its position in Adobe Systems by 0.6% in the second quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock valued at $372,000 after buying an additional 16 shares during the last quarter. Finally, Bank of Stockton lifted its position in Adobe Systems by 0.4% in the second quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock valued at $743,000 after buying an additional 20 shares during the last quarter. 87.52% of the stock is owned by institutional investors.
In related news, EVP Matthew Thompson sold 2,190 shares of Adobe Systems stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $173.42, for a total value of $379,789.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John E. Warnock sold 6,800 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $174.20, for a total value of $1,184,560.00. Following the transaction, the director now directly owns 16,088 shares in the company, valued at approximately $2,802,529.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,849 shares of company stock worth $2,452,281. 0.38% of the stock is owned by company insiders.
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Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded up 0.98% during midday trading on Friday, reaching $175.45. The company had a trading volume of 916,211 shares. The company’s 50-day moving average is $154.54 and its 200-day moving average is $145.36. The firm has a market cap of $86.49 billion, a P/E ratio of 55.16 and a beta of 0.98. Adobe Systems Incorporated has a 52-week low of $98.00 and a 52-week high of $176.42.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the Thomson Reuters’ 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 21.07% and a net margin of 22.79%. The company’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 earnings per share. Equities research analysts expect that Adobe Systems Incorporated will post $4.22 EPS for the current fiscal year.
A number of research analysts have commented on ADBE shares. Zacks Investment Research cut shares of Adobe Systems from a “hold” rating to a “sell” rating in a research report on Thursday, September 14th. Vetr cut shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target on the stock. in a research report on Thursday, August 31st. Robert W. Baird set a $160.00 price target on shares of Adobe Systems and gave the stock a “buy” rating in a research report on Friday, October 6th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $157.00 target price on shares of Adobe Systems in a report on Monday, July 31st. Finally, Bank of America Corporation raised their target price on shares of Adobe Systems from $108.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems currently has an average rating of “Buy” and an average price target of $169.75.
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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