WESPAC Advisors LLC acquired a new position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 967 shares of the software company’s stock, valued at approximately $261,000.
A number of other institutional investors also recently bought and sold shares of ADBE. Signature Estate & Investment Advisors LLC acquired a new stake in Adobe Systems during the 2nd quarter worth approximately $107,000. JNBA Financial Advisors lifted its position in Adobe Systems by 4,366.7% during the 3rd quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock worth $145,000 after acquiring an additional 524 shares during the period. Centaurus Financial Inc. acquired a new stake in Adobe Systems during the 2nd quarter worth approximately $170,000. Mckinley Capital Management LLC Delaware acquired a new stake in Adobe Systems during the 2nd quarter worth approximately $177,000. Finally, Valeo Financial Advisors LLC acquired a new stake in Adobe Systems during the 2nd quarter worth approximately $198,000. 85.06% of the stock is owned by institutional investors.
Shares of ADBE stock opened at $245.75 on Wednesday. The firm has a market cap of $116.98 billion, a P/E ratio of 68.45, a PEG ratio of 2.58 and a beta of 1.15. Adobe Systems Incorporated has a 1 year low of $165.68 and a 1 year high of $277.61. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.04. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. Adobe Systems’s revenue was up 24.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.10 earnings per share. As a group, research analysts predict that Adobe Systems Incorporated will post 5.66 earnings per share for the current year.
Several analysts have recently commented on the company. Jefferies Financial Group raised their price target on Adobe Systems to $315.00 and gave the company a “buy” rating in a report on Friday, September 14th. Citigroup raised their price target on Adobe Systems from $260.00 to $309.00 and gave the company a “buy” rating in a report on Friday, September 14th. Griffin Securities raised their price target on Adobe Systems from $278.00 to $296.00 and gave the company a “buy” rating in a report on Friday, September 14th. Stifel Nicolaus raised their price target on Adobe Systems from $275.00 to $325.00 and gave the company a “buy” rating in a report on Friday, September 14th. Finally, KeyCorp reissued a “buy” rating and issued a $286.00 price target (up from $276.00) on shares of Adobe Systems in a report on Friday, September 14th. Ten analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Adobe Systems presently has a consensus rating of “Buy” and an average price target of $269.17.
In other Adobe Systems news, EVP Ann Lewnes sold 2,941 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the transaction, the executive vice president now owns 58,557 shares of the company’s stock, valued at $15,877,144.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bradley Rencher sold 12,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total value of $2,943,600.00. Following the transaction, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. Insiders have sold 20,790 shares of company stock valued at $5,247,062 in the last three months. 0.33% of the stock is currently owned by company insiders.
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Adobe Systems Company Profile
Adobe Inc 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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