Sowell Financial Services LLC reduced its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 28.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,943 shares of the software company’s stock after selling 1,575 shares during the period. Sowell Financial Services LLC’s holdings in Adobe Systems were worth $872,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of ADBE. Avestar Capital LLC acquired a new position in shares of Adobe Systems during the fourth quarter worth about $109,000. Cerebellum GP LLC bought a new stake in Adobe Systems during the fourth quarter worth about $118,000. Community Bank N.A. bought a new stake in Adobe Systems during the fourth quarter worth about $122,000. Reilly Financial Advisors LLC raised its holdings in Adobe Systems by 85.2% during the first quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock worth $124,000 after acquiring an additional 265 shares in the last quarter. Finally, Exchange Capital Management Inc. bought a new stake in Adobe Systems during the first quarter worth about $125,000. 85.97% of the stock is owned by institutional investors.
ADBE has been the topic of several analyst reports. Citigroup upped their target price on Adobe Systems to $250.00 and gave the stock a “buy” rating in a report on Friday, March 16th. Canaccord Genuity reiterated a “buy” rating and set a $245.00 target price (up previously from $220.00) on shares of Adobe Systems in a report on Friday, March 16th. Jefferies Group upped their target price on Adobe Systems to $263.00 and gave the stock a “buy” rating in a report on Friday, March 16th. Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Tuesday, February 13th. Finally, Argus upped their target price on Adobe Systems from $195.00 to $234.00 and gave the stock a “buy” rating in a report on Tuesday, January 30th. Ten research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $221.38.
In related news, Director John E. Warnock sold 14,000 shares of the stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $216.53, for a total transaction of $3,031,420.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at $3,483,534.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles M. Geschke sold 16,000 shares of the stock in a transaction that occurred on Friday, April 20th. The stock was sold at an average price of $224.35, for a total value of $3,589,600.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,819 shares of company stock worth $10,451,729. 0.33% of the stock is owned by corporate insiders.
Shares of NASDAQ ADBE opened at $243.56 on Friday. The company has a market cap of $120.73 billion, a PE ratio of 67.84, a PEG ratio of 2.83 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.12 and a current ratio of 2.12. Adobe Systems Incorporated has a 1-year low of $131.20 and a 1-year high of $245.90.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, March 15th. The software company reported $1.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.11. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Adobe Systems had a return on equity of 24.42% and a net margin of 24.40%. The firm’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.43) earnings per share. equities research analysts predict that Adobe Systems Incorporated will post 5.35 earnings per share for the current year.
Adobe Systems announced that its Board of Directors has initiated a share buyback program on Monday, May 21st that authorizes the company to buyback $8.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Adobe Systems Profile
Adobe Systems Incorporated 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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