BTC Capital Management Inc. lifted its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 5.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,427 shares of the software company’s stock after acquiring an additional 856 shares during the period. BTC Capital Management Inc.’s holdings in Adobe Systems were worth $4,247,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Adobe Systems by 3.6% in the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock worth $7,316,684,000 after acquiring an additional 1,185,325 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Adobe Systems by 2.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock worth $1,740,637,000 after acquiring an additional 141,525 shares in the last quarter. Polen Capital Management LLC raised its position in shares of Adobe Systems by 1.6% in the 1st quarter. Polen Capital Management LLC now owns 6,461,486 shares of the software company’s stock worth $1,396,198,000 after acquiring an additional 99,181 shares in the last quarter. Morgan Stanley raised its position in shares of Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after acquiring an additional 1,515,736 shares in the last quarter. Finally, Edgewood Management LLC bought a new position in shares of Adobe Systems in the 2nd quarter worth approximately $565,496,000. 84.85% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on the company. BidaskClub lowered Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 18th. Pivotal Research raised their price objective on Adobe Systems from $235.00 to $254.00 and gave the company a “hold” rating in a research report on Friday. Robert W. Baird raised their price objective on Adobe Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday. Griffin Securities raised their price objective on Adobe Systems from $278.00 to $296.00 and gave the company a “buy” rating in a research report on Friday. Finally, Barclays raised their price objective on Adobe Systems to $297.00 and gave the company an “overweight” rating in a research report on Wednesday, September 12th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $258.41.
In other news, EVP Abhay Parasnis sold 10,500 shares of the firm’s stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total value of $2,730,105.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 2,939 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $253.80, for a total value of $745,918.20. Following the completion of the transaction, the executive vice president now owns 61,498 shares in the company, valued at $15,608,192.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,324 shares of company stock worth $4,980,689. Company insiders own 0.33% of the company’s stock.
Shares of ADBE opened at $274.69 on Monday. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.22. Adobe Systems Incorporated has a 12 month low of $143.95 and a 12 month high of $277.61. The firm has a market cap of $131.13 billion, a price-to-earnings ratio of 76.52, a price-to-earnings-growth ratio of 2.91 and a beta of 1.11.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.69 by $0.04. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. During the same period last year, the business posted $1.10 EPS. equities research analysts expect that Adobe Systems Incorporated will post 5.61 earnings per share for the current year.
Adobe Systems declared that its board has initiated a share buyback program on Monday, May 21st that permits the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are often an indication 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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