Banco de Sabadell S.A acquired a new stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,711 shares of the software company’s stock, valued at approximately $414,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Rockland Trust Co. purchased a new position in Adobe Systems during the second quarter valued at approximately $700,000. Creative Planning grew 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 purchasing an additional 14,574 shares in the last quarter. Bogart Wealth LLC purchased a new position in Adobe Systems during the second quarter valued at approximately $352,000. TCI Wealth Advisors Inc. grew its position in Adobe Systems by 207.1% during the second quarter. TCI Wealth Advisors Inc. now owns 1,044 shares of the software company’s stock valued at $255,000 after purchasing an additional 704 shares in the last quarter. Finally, Excalibur Management Corp purchased a new position in Adobe Systems during the second quarter valued at approximately $217,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Abhay Parasnis sold 10,500 shares of the business’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Lewnes sold 2,939 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $253.80, for a total transaction of $745,918.20. Following the completion of the sale, the executive vice president now owns 61,498 shares of the company’s stock, valued at $15,608,192.40. The disclosure for this sale can be found here. Insiders sold 25,324 shares of company stock valued at $6,511,829 over the last 90 days. 0.33% of the stock is owned by corporate insiders.
Shares of Adobe Systems stock opened at $274.69 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22. Adobe Systems Incorporated has a 1-year low of $143.95 and a 1-year high of $277.61. The firm has a market capitalization of $131.13 billion, a PE ratio of 76.52, a PEG ratio of 2.91 and a beta of 1.11.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data 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. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the company earned $1.10 earnings per share. Adobe Systems’s revenue for the quarter was up 24.4% on a year-over-year basis. analysts anticipate that Adobe Systems Incorporated will post 5.61 EPS for the current year.
Adobe Systems announced that its Board of Directors has authorized a share buyback program on Monday, May 21st that permits the company to repurchase $8.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
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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