Flagship Harbor Advisors LLC raised its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 17.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,863 shares of the software company’s stock after buying an additional 429 shares during the period. Flagship Harbor Advisors LLC’s holdings in Adobe Systems were worth $367,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in ADBE. BlackRock Inc. raised its stake in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after buying an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in Adobe Systems by 92.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock worth $438,907,000 after buying an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP purchased a new stake in Adobe Systems during the first quarter worth approximately $209,666,000. Pioneer Investment Management Inc. purchased a new stake in Adobe Systems during the first quarter worth approximately $201,774,000. Finally, Wellington Management Group LLP raised its stake in Adobe Systems by 40.3% in the first quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock worth $521,737,000 after buying an additional 1,152,281 shares in the last quarter. Hedge funds and other institutional investors own 88.05% of the company’s stock.
Adobe Systems Incorporated (ADBE) traded up 1.07% during midday trading on Friday, reaching $146.47. 1,382,926 shares of the company’s stock were exchanged. The firm has a market capitalization of $72.27 billion, a price-to-earnings ratio of 51.02 and a beta of 1.00. The firm’s 50 day moving average is $145.74 and its 200 day moving average is $133.08. Adobe Systems Incorporated has a 52 week low of $97.87 and a 52 week high of $150.40.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same period last year, the firm earned $0.71 EPS. On average, equities analysts anticipate that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
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ADBE has been the subject of a number of recent analyst reports. Barclays PLC initiated coverage on shares of Adobe Systems in a report on Tuesday, May 2nd. They set an “overweight” rating and a $155.00 price target for the company. Guggenheim reiterated a “buy” rating and set a $155.00 price target on shares of Adobe Systems in a report on Tuesday, April 18th. Robert W. Baird reiterated an “outperform” rating and set a $160.00 price target (up from $140.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price target for the company in a report on Friday, June 23rd. Finally, Royal Bank Of Canada upped their price target on shares of Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $154.20.
In related news, Director John E. Warnock sold 32,600 shares of Adobe Systems stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total value of $311,034.57. Following the transaction, the executive vice president now directly owns 61,944 shares of the company’s stock, valued at $8,628,179.76. The disclosure for this sale can be found here. Insiders sold a total of 102,239 shares of company stock valued at $14,877,475 over the last three months. Insiders own 0.38% of the company’s stock.
About Adobe Systems
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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