Millennium Management LLC increased its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 85.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,439,110 shares of the software company’s stock after purchasing an additional 663,194 shares during the period. Adobe Systems accounts for about 0.3% of Millennium Management LLC’s investment portfolio, making the stock its 17th largest holding. Millennium Management LLC owned 0.29% of Adobe Systems worth $252,190,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Avestar Capital LLC purchased a new position in shares of Adobe Systems during the 4th quarter valued at $109,000. Cerebellum GP LLC acquired a new stake in shares of Adobe Systems in the 4th quarter valued at $118,000. Community Bank N.A. acquired a new stake in shares of Adobe Systems in the 4th quarter valued at $122,000. BB&T Investment Services Inc. lifted its stake in shares of Adobe Systems by 42.4% in the 3rd quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after purchasing an additional 275 shares during the last quarter. Finally, Truewealth LLC acquired a new stake in shares of Adobe Systems in the 4th quarter valued at $162,000. Hedge funds and other institutional investors own 87.06% of the company’s stock.
Several research firms recently issued reports on ADBE. Stifel Nicolaus lifted their price objective on shares of Adobe Systems from $210.00 to $230.00 and gave the company a “buy” rating in a research note on Monday. Bank of America lifted their price objective on shares of Adobe Systems from $253.00 to $269.00 and gave the company a “buy” rating in a research note on Tuesday. Royal Bank of Canada boosted their target price on shares of Adobe Systems to $235.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. Evercore ISI reissued a “buy” rating and set a $220.00 target price on shares of Adobe Systems in a research report on Friday, January 26th. Finally, Stephens reissued a “buy” rating and set a $215.00 target price on shares of Adobe Systems in a research report on Tuesday, January 23rd. Eight investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $201.26.
Adobe Systems Incorporated (NASDAQ ADBE) opened at $220.70 on Wednesday. Adobe Systems Incorporated has a 52-week low of $120.90 and a 52-week high of $224.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.05 and a current ratio of 2.05. The company has a market cap of $108,410.00, a P/E ratio of 65.02, a price-to-earnings-growth ratio of 2.70 and a beta of 1.10.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, December 14th. The software company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.10. The firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Adobe Systems had a net margin of 23.20% and a return on equity of 22.15%. The business’s revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the business earned $0.90 earnings per share. equities research analysts predict that Adobe Systems Incorporated will post 5.12 EPS for the current fiscal year.
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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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