Park Avenue Securities LLC lifted its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 23.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,207 shares of the software company’s stock after acquiring an additional 807 shares during the quarter. Park Avenue Securities LLC’s holdings in Adobe Systems were worth $748,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in ADBE. Cerebellum GP LLC bought a new position in shares of Adobe Systems during the 4th quarter valued at approximately $118,000. Community Bank N.A. bought a new position in shares of Adobe Systems during the 4th quarter valued at approximately $122,000. Parkside Financial Bank & Trust grew its stake in shares of Adobe Systems by 170.3% during the 3rd quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after acquiring an additional 567 shares during the period. BB&T Investment Services Inc. grew its stake in shares of Adobe Systems by 42.4% during the 3rd quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after acquiring an additional 275 shares during the period. Finally, Exane Derivatives boosted its stake in Adobe Systems by 55.0% in the 3rd quarter. Exane Derivatives now owns 958 shares of the software company’s stock worth $143,000 after purchasing an additional 340 shares during the period. Institutional investors own 86.76% of the company’s stock.
ADBE has been the subject of several recent analyst reports. Vetr upgraded Adobe Systems from a “strong sell” rating to a “sell” rating and set a $163.12 price target for the company in a research note on Monday, October 23rd. Argus upped their price target on Adobe Systems from $170.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. UBS Group initiated coverage on Adobe Systems in a research note on Thursday, November 9th. They issued a “buy” rating and a $217.00 price target for the company. Stifel Nicolaus upped their price target on Adobe Systems from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, November 10th. Finally, Zacks Investment Research downgraded Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 21st. Eight research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems currently has a consensus rating of “Buy” and an average target price of $198.15.
Adobe Systems Incorporated (NASDAQ ADBE) traded down $1.41 during trading hours on Friday, reaching $201.56. The company had a trading volume of 2,143,390 shares, compared to its average volume of 2,800,000. Adobe Systems Incorporated has a one year low of $117.83 and a one year high of $204.45. The stock has a market cap of $99,080.00, a price-to-earnings ratio of 59.46, a PEG ratio of 2.46 and a beta of 1.18. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.22.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, December 14th. The software company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.10. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.95 billion. Adobe Systems had a return on equity of 22.15% and a net margin of 23.20%. Adobe Systems’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. analysts anticipate that Adobe Systems Incorporated will post 5.12 earnings per share for the current fiscal year.
In other Adobe Systems news, CFO Mark Garrett sold 54,488 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $187.38, for a total value of $10,209,961.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $173.50, for a total value of $338,845.50. Following the completion of the transaction, the executive vice president now directly owns 50,497 shares in the company, valued at approximately $8,761,229.50. The disclosure for this sale can be found here. Insiders sold a total of 351,199 shares of company stock worth $67,326,422 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.
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Adobe Systems 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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