Smith Asset Management Group LP lowered its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 6.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 511,657 shares of the software company’s stock after selling 34,390 shares during the period. Adobe Systems accounts for approximately 2.8% of Smith Asset Management Group LP’s portfolio, making the stock its 6th largest position. Smith Asset Management Group LP’s holdings in Adobe Systems were worth $89,767,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Iberiabank Corp lifted its position in shares of Adobe Systems by 2.1% in the 4th quarter. Iberiabank Corp now owns 12,277 shares of the software company’s stock worth $2,151,000 after purchasing an additional 253 shares during the period. BB&T Investment Services Inc. lifted its position in shares of Adobe Systems by 42.4% in the 3rd quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock worth $138,000 after purchasing an additional 275 shares during the period. Bank of Stockton lifted its position in shares of Adobe Systems by 4.8% in the 4th quarter. Bank of Stockton now owns 6,150 shares of the software company’s stock worth $1,077,000 after purchasing an additional 280 shares during the period. Edge Advisors LLC lifted its position in shares of Adobe Systems by 1.7% in the 3rd quarter. Edge Advisors LLC now owns 17,093 shares of the software company’s stock worth $2,549,000 after purchasing an additional 293 shares during the period. Finally, Stratos Wealth Partners LTD. increased its stake in shares of Adobe Systems by 4.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 7,579 shares of the software company’s stock valued at $1,131,000 after acquiring an additional 296 shares in the last quarter. Hedge funds and other institutional investors own 86.18% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at $202.61 on Friday. Adobe Systems Incorporated has a fifty-two week low of $117.83 and a fifty-two week high of $206.83. The stock has a market cap of $99,600.00, a PE ratio of 60.42, a PEG ratio of 2.47 and a beta of 1.18. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.05 and a quick ratio of 2.05.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, December 14th. The software company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.10. Adobe Systems had a net margin of 23.20% and a return on equity of 22.15%. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. research analysts predict that Adobe Systems Incorporated will post 5.12 EPS for the current year.
Several analysts have recently weighed in on ADBE shares. Zacks Investment Research lowered shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 21st. Vetr lowered shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $198.52 price objective for the company. in a research note on Monday, December 18th. Barclays boosted their price target on shares of Adobe Systems from $193.00 to $221.00 and gave the company an “overweight” rating in a research note on Tuesday, January 23rd. Stephens restated a “buy” rating and set a $210.00 price target on shares of Adobe Systems in a research note on Wednesday, January 3rd. Finally, Citigroup boosted their price target on shares of Adobe Systems to $202.00 and gave the company a “buy” rating in a research note on Friday, December 15th. Eight equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Adobe Systems presently has an average rating of “Buy” and an average target price of $198.15.
In related news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 50,497 shares in the company, valued at $8,761,229.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse acquired 1,125 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was bought at an average price of $177.35 per share, for a total transaction of $199,518.75. Following the completion of the transaction, the director now owns 31,453 shares of the company’s stock, valued at approximately $5,578,189.55. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 351,199 shares of company stock worth $67,326,422. 0.38% of the stock is owned by company insiders.
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Adobe Systems Company 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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