Brown Advisory Inc. lowered its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 14.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,489,910 shares of the software company’s stock after selling 413,620 shares during the quarter. Adobe Systems comprises 1.7% of Brown Advisory Inc.’s investment portfolio, making the stock its 11th biggest holding. Brown Advisory Inc. owned about 0.51% of Adobe Systems worth $538,020,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Reilly Financial Advisors LLC grew its stake in Adobe Systems by 85.2% during the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock worth $124,000 after buying an additional 265 shares during the last quarter. Exchange Capital Management Inc. purchased a new position in Adobe Systems during the 1st quarter worth approximately $125,000. Rainier Group Investment Advisory LLC purchased a new position in Adobe Systems during the 1st quarter worth approximately $130,000. Mount Yale Investment Advisors LLC purchased a new position in Adobe Systems during the 1st quarter worth approximately $132,000. Finally, Bruderman Asset Management LLC purchased a new position in Adobe Systems during the 1st quarter worth approximately $149,000. Institutional investors and hedge funds own 85.49% of the company’s stock.
A number of research analysts recently issued reports on the company. Morgan Stanley raised their price target on Adobe Systems from $235.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Friday, June 15th. Jefferies Financial Group raised their price target on Adobe Systems to $263.00 and gave the stock a “buy” rating in a research note on Friday, March 16th. Barclays raised their price target on Adobe Systems from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 12th. Stifel Nicolaus raised their price target on Adobe Systems from $210.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, March 12th. Finally, Credit Suisse Group raised their price target on Adobe Systems from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, March 16th. Eight research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $240.21.
In other news, EVP Ann Lewnes sold 2,937 shares of the firm’s stock in a transaction that occurred on Wednesday, April 18th. The stock was 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 of the company’s stock, valued at approximately $16,975,268.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John E. Warnock sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 11th. The shares were sold at an average price of $223.77, for a total value of $671,310.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at $3,600,011.76. The disclosure for this sale can be found here. Insiders sold a total of 33,824 shares of company stock valued at $7,915,158 over the last three months. Insiders own 0.33% of the company’s stock.
Shares of ADBE traded up $2.13 during mid-day trading on Thursday, hitting $239.81. The company’s stock had a trading volume of 2,217,340 shares, compared to its average volume of 2,968,700. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.12 and a quick ratio of 2.12. The stock has a market capitalization of $119.30 billion, a P/E ratio of 66.80, a P/E/G ratio of 2.67 and a beta of 1.08. Adobe Systems Incorporated has a 1-year low of $138.31 and a 1-year high of $258.91.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.54 by $0.12. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Adobe Systems had a return on equity of 27.31% and a net margin of 26.68%. The company’s quarterly revenue was up 23.9% compared to the same quarter last year. During the same period last year, the firm earned $1.02 EPS. research analysts anticipate that Adobe Systems Incorporated will post 5.61 EPS for the current year.
Adobe Systems declared that its Board of Directors has initiated a stock repurchase program on Monday, May 21st that permits the company to buyback $8.00 billion in shares. This buyback authorization permits the software company to purchase up to 6.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is 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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