Gofen & Glossberg LLC IL purchased a new stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 24,975 shares of the software company’s stock, valued at approximately $6,089,000.
Several other large investors also recently modified their holdings of the company. Rockland Trust Co. purchased a new stake in shares of Adobe Systems during the second quarter valued at $700,000. Cambridge Investment Research Advisors Inc. boosted its position in shares of Adobe Systems by 25.0% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 33,339 shares of the software company’s stock valued at $5,842,000 after buying an additional 6,663 shares during the last quarter. LPL Financial LLC boosted its position in shares of Adobe Systems by 2.0% during the fourth quarter. LPL Financial LLC now owns 93,910 shares of the software company’s stock valued at $16,457,000 after buying an additional 1,832 shares during the last quarter. Financial Advocates Investment Management purchased a new stake in shares of Adobe Systems during the fourth quarter valued at $269,000. Finally, Claraphi Advisory Network LLC purchased a new stake in shares of Adobe Systems during the first quarter valued at $259,000. Hedge funds and other institutional investors own 85.49% of the company’s stock.
Several research firms recently commented on ADBE. BidaskClub cut Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 18th. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 price objective on the stock in a research report on Tuesday, June 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $245.00 price objective (up from $220.00) on shares of Adobe Systems in a research report on Friday, March 16th. Morgan Stanley reissued an “equal weight” rating and issued a $235.00 target price (up from $193.00) on shares of Adobe Systems in a research report on Friday, March 16th. Finally, Pivotal Research reissued a “hold” rating and issued a $199.00 target price (up from $195.00) on shares of Adobe Systems in a research report on Friday, March 16th. Eight equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $240.21.
In related news, Director Charles M. Geschke sold 16,000 shares of Adobe Systems stock in a transaction that occurred on Friday, April 20th. The stock was sold at an average price of $224.35, for a total transaction of $3,589,600.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,937 shares of Adobe Systems stock in a transaction that occurred on Wednesday, April 18th. The shares were sold at an average price of $231.70, for a total value of $680,502.90. Following the sale, the executive vice president now directly owns 73,264 shares in the company, valued at approximately $16,975,268.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,824 shares of company stock worth $7,243,848. Insiders own 0.33% of the company’s stock.
Adobe Systems opened at $248.12 on Thursday, Marketbeat Ratings reports. Adobe Systems Incorporated has a twelve month low of $143.79 and a twelve month high of $258.91. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.08 and a current ratio of 2.08. The stock has a market cap of $121.74 billion, a PE ratio of 53.93, a P/E/G ratio of 2.74 and a beta of 1.12.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.54 by $0.12. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the firm earned $1.02 EPS. The business’s quarterly revenue was up 23.9% on a year-over-year basis. equities analysts forecast that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.
Adobe Systems announced that its Board of Directors has initiated a stock repurchase plan on Monday, May 21st that allows the company to buyback $8.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
Adobe Systems Company 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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