Gradient Investments LLC increased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 27.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,689 shares of the software company’s stock after acquiring an additional 1,000 shares during the period. Gradient Investments LLC’s holdings in Adobe Systems were worth $1,266,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Rockland Trust Co. purchased a new position in Adobe Systems in the second quarter worth $700,000. Iberiabank Corp grew its position in Adobe Systems by 32.5% in the third quarter. Iberiabank Corp now owns 20,238 shares of the software company’s stock worth $5,463,000 after acquiring an additional 4,959 shares in the last quarter. Creative Planning boosted its position in Adobe Systems by 53.5% during the second quarter. Creative Planning now owns 41,801 shares of the software company’s stock valued at $10,191,000 after buying an additional 14,574 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in Adobe Systems during the second quarter valued at about $546,000. Finally, Bogart Wealth LLC purchased a new stake in Adobe Systems during the second quarter valued at about $352,000. Institutional investors own 84.76% of the company’s stock.
In other news, EVP Ann Lewnes sold 2,941 shares of the stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the sale, the executive vice president now directly owns 58,557 shares in the company, valued at $15,877,144.98. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the stock in a transaction dated Tuesday, July 24th. The stock was 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 have sold 19,320 shares of company stock valued at $5,031,554. 0.33% of the stock is currently owned by company insiders.
Several analysts have issued reports on ADBE shares. Argus upped their price target on shares of Adobe Systems from $289.00 to $320.00 and gave the company a “buy” rating in a research report on Monday, September 17th. Citigroup upped their price target on shares of Adobe Systems from $260.00 to $309.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Pivotal Research upped their price target on shares of Adobe Systems from $235.00 to $254.00 and gave the company a “hold” rating in a research report on Friday, September 14th. BidaskClub lowered shares of Adobe Systems from a “buy” rating to a “hold” rating in a research report on Saturday, August 18th. Finally, Jefferies Financial Group upped their price target on shares of Adobe Systems to $315.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Ten equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Adobe Systems has an average rating of “Buy” and a consensus target price of $262.03.
Adobe Systems stock opened at $248.87 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The stock has a market cap of $131.77 billion, a PE ratio of 69.32, a PEG ratio of 2.91 and a beta of 1.08. Adobe Systems Incorporated has a 1-year low of $148.15 and a 1-year high of $277.61.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. Adobe Systems’s revenue for the quarter was up 24.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 earnings per share. Sell-side analysts predict that Adobe Systems Incorporated will post 5.65 earnings per share for the current year.
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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