Rainier Group Investment Advisory LLC acquired a new stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 601 shares of the software company’s stock, valued at approximately $130,000.
A number of other large investors have also recently modified their holdings of ADBE. BlackRock Inc. grew its stake in Adobe Systems by 3.6% during the first quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock valued at $7,316,684,000 after acquiring an additional 1,185,325 shares in the last quarter. Standard Life Aberdeen plc grew its stake in Adobe Systems by 371.2% during the fourth quarter. Standard Life Aberdeen plc now owns 1,317,654 shares of the software company’s stock valued at $230,979,000 after acquiring an additional 1,038,038 shares in the last quarter. Maverick Capital Ltd. grew its stake in Adobe Systems by 49.2% during the fourth quarter. Maverick Capital Ltd. now owns 2,192,956 shares of the software company’s stock valued at $384,294,000 after acquiring an additional 722,872 shares in the last quarter. Winslow Capital Management LLC grew its stake in Adobe Systems by 77.9% during the fourth quarter. Winslow Capital Management LLC now owns 1,559,046 shares of the software company’s stock valued at $273,207,000 after acquiring an additional 682,503 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Adobe Systems by 85.5% during the fourth quarter. Millennium Management LLC now owns 1,439,110 shares of the software company’s stock valued at $252,190,000 after acquiring an additional 663,194 shares in the last quarter. 85.94% of the stock is owned by institutional investors.
In other news, EVP Ann Lewnes sold 2,937 shares of the business’s stock in a transaction that occurred on Wednesday, April 18th. The shares were sold at an average price of $231.70, for a total value of $680,502.90. Following the completion of the sale, the executive vice president now directly owns 73,264 shares in the company, valued at approximately $16,975,268.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles M. Geschke sold 16,000 shares of the business’s stock in a transaction that occurred on Friday, April 20th. The stock was sold at an average price of $224.35, for a total transaction of $3,589,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,819 shares of company stock valued at $10,451,729. Company insiders own 0.33% of the company’s stock.
Shares of ADBE traded up $1.24 during mid-day trading on Thursday, reaching $257.37. The company’s stock had a trading volume of 33,469 shares, compared to its average volume of 2,862,453. The firm has a market cap of $123.61 billion, a price-to-earnings ratio of 71.99, a PEG ratio of 2.90 and a beta of 1.08. 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 52 week low of $134.45 and a 52 week high of $257.90.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data 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 firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The business’s quarterly revenue was up 23.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.43) EPS. 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 has approved a share buyback plan on Monday, May 21st that permits the company to buyback $8.00 billion in shares. This buyback authorization permits the software company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
Several equities analysts recently commented on ADBE shares. ValuEngine raised shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Bank of America reaffirmed a “buy” rating and set a $269.00 price objective (up previously from $253.00) on shares of Adobe Systems in a research note on Tuesday, March 13th. Royal Bank of Canada lifted their target price on shares of Adobe Systems to $268.00 and gave the company an “outperform” rating in a research report on Monday. They noted that the move was a valuation call. Canaccord Genuity reiterated a “buy” rating and set a $245.00 target price (up from $220.00) on shares of Adobe Systems in a research report on Friday, March 16th. Finally, Robert W. Baird lifted their target price on shares of Adobe Systems from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Ten equities 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 has an average rating of “Buy” and an average target price of $223.03.
About Adobe Systems
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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