Patten & Patten Inc. TN increased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 12.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,450 shares of the software company’s stock after buying an additional 500 shares during the period. Patten & Patten Inc. TN’s holdings in Adobe Systems were worth $629,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Forte Capital LLC ADV raised its position in shares of Adobe Systems by 4.9% in the first quarter. Forte Capital LLC ADV now owns 36,239 shares of the software company’s stock valued at $4,716,000 after buying an additional 1,680 shares in the last quarter. Trust Co raised its position in shares of Adobe Systems by 0.6% in the fourth quarter. Trust Co now owns 2,677 shares of the software company’s stock valued at $275,000 after buying an additional 15 shares in the last quarter. CENTRAL TRUST Co raised its position in Adobe Systems by 3.1% in the first quarter. CENTRAL TRUST Co now owns 3,812 shares of the software company’s stock valued at $496,000 after buying an additional 114 shares during the period. Chevy Chase Trust Holdings Inc. raised its position in Adobe Systems by 2.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 434,513 shares of the software company’s stock valued at $56,543,000 after buying an additional 12,225 shares during the period. Finally, Integrated Investment Consultants LLC raised its position in Adobe Systems by 40.0% in the first quarter. Integrated Investment Consultants LLC now owns 2,395 shares of the software company’s stock valued at $312,000 after buying an additional 684 shares during the period. 88.05% of the stock is owned by institutional investors.
Adobe Systems Incorporated (NASDAQ ADBE) opened at 146.47 on Friday. The firm has a market capitalization of $72.27 billion, a P/E 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 issued its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The business’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. On average, equities analysts expect that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
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ADBE has been the topic of several recent research reports. Stifel Nicolaus reiterated a “buy” rating on shares of Adobe Systems in a research report on Tuesday, April 18th. Guggenheim reiterated a “buy” rating and issued a $155.00 price objective on shares of Adobe Systems in a research report on Tuesday, April 18th. Barclays PLC started coverage on shares of Adobe Systems in a research report on Tuesday, May 2nd. They set an “overweight” rating and a $155.00 price target on the stock. Royal Bank Of Canada boosted their price target on shares of Adobe Systems from $135.00 to $157.00 and gave the stock an “outperform” rating in a research report on Thursday, May 25th. Finally, Vetr downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price target on the stock. in a research report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and an average price target of $154.20.
In other Adobe Systems news, CMO Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total transaction of $286,466.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is currently owned by company insiders.
Adobe Systems Company Profile
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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