NorthCoast Asset Management LLC lowered its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 29.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 55,826 shares of the software company’s stock after selling 23,777 shares during the quarter. NorthCoast Asset Management LLC’s holdings in Adobe Systems were worth $13,611,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC bought a new stake in shares of Adobe Systems in the second quarter worth $107,000. Rainier Group Investment Advisory LLC bought a new stake in shares of Adobe Systems in the first quarter worth $130,000. Mount Yale Investment Advisors LLC bought a new stake in shares of Adobe Systems in the first quarter worth $132,000. Archford Capital Strategies LLC bought a new stake in shares of Adobe Systems in the first quarter worth $136,000. Finally, Bruderman Asset Management LLC bought a new stake in shares of Adobe Systems in the first quarter worth $149,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.
In other Adobe Systems news, EVP Ann Lewnes sold 2,940 shares of the company’s stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $257.86, for a total value of $758,108.40. Following the transaction, the executive vice president now directly owns 64,437 shares in the company, valued at $16,615,724.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the company’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total transaction of $2,730,105.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,324 shares of company stock worth $4,980,689. Corporate insiders own 0.33% of the company’s stock.
ADBE has been the topic of a number of research reports. Royal Bank of Canada boosted their price objective on shares of Adobe Systems to $268.00 and gave the stock an “outperform” rating in a research report on Monday, June 11th. They noted that the move was a valuation call. Guggenheim initiated coverage on shares of Adobe Systems in a research report on Tuesday, August 7th. They issued a “neutral” rating and a $275.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Adobe Systems from $235.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Friday, June 15th. Credit Suisse Group boosted their price objective on shares of Adobe Systems from $275.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Canaccord Genuity reissued a “buy” rating and issued a $280.00 price objective (up previously from $245.00) on shares of Adobe Systems in a research report on Friday, June 15th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $258.41.
NASDAQ:ADBE opened at $274.69 on Monday. Adobe Systems Incorporated has a one year low of $143.95 and a one year high of $277.61. The firm has a market capitalization of $131.13 billion, a price-to-earnings ratio of 76.52, a P/E/G ratio of 2.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.08 and a current ratio of 2.08.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the company earned $1.10 earnings per share. The company’s quarterly revenue was up 24.4% on a year-over-year basis. analysts predict that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.
Adobe Systems declared that its board has approved a stock buyback plan on Monday, May 21st that authorizes the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
Adobe Systems Company 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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