Flagship Harbor Advisors LLC Acquires 429 Shares of Adobe Systems Incorporated (ADBE)

Flagship Harbor Advisors LLC boosted its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 17.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clean Yield Group purchased a new position in shares of Adobe Systems during the first quarter worth $100,000. Washington Trust Bank boosted its position in shares of Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new position in shares of Adobe Systems during the first quarter worth approximately $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in shares of Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after buying an additional 500 shares in the last quarter. Finally, WFG Advisors LP boosted its position in shares of Adobe Systems by 10.1% in the first quarter. WFG Advisors LP now owns 1,263 shares of the software company’s stock worth $164,000 after buying an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 87.64% of the company’s stock.

Shares of Adobe Systems Incorporated (NASDAQ ADBE) traded down 0.18% during midday trading on Friday, hitting $147.97. The stock had a trading volume of 1,699,265 shares. The stock has a market cap of $73.01 billion, a PE ratio of 51.54 and a beta of 1.00. The stock has a 50-day moving average of $146.59 and a 200 day moving average of $134.36. Adobe Systems Incorporated has a 52 week low of $97.87 and a 52 week high of $151.99.

Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same period last year, the firm posted $0.71 earnings per share. Analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.

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A number of research analysts have commented on ADBE shares. Barclays PLC started coverage on Adobe Systems in a research note on Tuesday, May 2nd. They set an “overweight” rating and a $155.00 price objective on the stock. Royal Bank Of Canada boosted their price objective on Adobe Systems from $135.00 to $157.00 and gave the stock an “outperform” rating in a research note on Thursday, May 25th. Vetr cut Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price objective on the stock. in a research note on Thursday, May 25th. BMO Capital Markets restated an “outperform” rating and set a $160.00 price objective (up previously from $140.00) on shares of Adobe Systems in a research note on Friday, June 9th. Finally, Pivotal Research cut Adobe Systems from a “hold” rating to a “sell” rating and boosted their price objective for the stock from $109.00 to $112.00 in a research note on Monday, June 12th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. Adobe Systems presently has an average rating of “Buy” and an average target price of $154.20.

In related news, Director John E. Warnock sold 32,600 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Lewnes sold 2,233 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total transaction of $311,034.57. Following the completion of the sale, the executive vice president now directly owns 61,944 shares in the company, 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 worth $14,877,475 over the last ninety days. 0.38% of the stock is currently owned by insiders.

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.

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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