Baird Financial Group Inc. grew its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 5.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,864 shares of the software company’s stock after purchasing an additional 747 shares during the quarter. Baird Financial Group Inc.’s holdings in Adobe Systems were worth $3,380,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in ADBE. Edgewood Management LLC bought a new position in Adobe Systems during the 2nd quarter worth approximately $565,496,000. BlackRock Inc. raised its holdings in Adobe Systems by 3.6% during the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock worth $7,316,684,000 after purchasing an additional 1,185,325 shares during the last quarter. PointState Capital LP raised its holdings in Adobe Systems by 2,178.0% during the 1st quarter. PointState Capital LP now owns 1,100,014 shares of the software company’s stock worth $237,691,000 after purchasing an additional 1,051,726 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in Adobe Systems by 29,729.8% during the 1st quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock worth $513,000 after purchasing an additional 511,352 shares during the last quarter. Finally, Winslow Capital Management LLC raised its holdings in Adobe Systems by 31.2% during the 1st quarter. Winslow Capital Management LLC now owns 2,044,847 shares of the software company’s stock worth $441,850,000 after purchasing an additional 485,801 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.
In related news, EVP Ann Lewnes sold 2,945 shares of Adobe Systems stock in a transaction on Wednesday, June 20th. The shares were sold at an average price of $253.50, for a total value of $746,557.50. Following the completion of the sale, the executive vice president now owns 67,377 shares of the company’s stock, valued at approximately $17,080,069.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles M. Geschke sold 6,000 shares of Adobe Systems stock in a transaction on Monday, June 18th. The shares were sold at an average price of $255.19, for a total transaction of $1,531,140.00. The disclosure for this sale can be found here. In the last three months, insiders sold 25,324 shares of company stock valued at $6,511,829. 0.33% of the stock is currently owned by insiders.
Shares of ADBE stock opened at $268.52 on Friday. The company has a market cap of $130.74 billion, a PE ratio of 74.80, a P/E/G ratio of 2.90 and a beta of 1.11. Adobe Systems Incorporated has a 52 week low of $143.95 and a 52 week high of $270.94. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the 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 company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter last year, the firm posted $1.10 EPS. The company’s quarterly revenue was up 24.4% on a year-over-year basis. sell-side analysts expect that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.
Adobe Systems announced that its board has initiated a stock repurchase plan on Monday, May 21st that allows the company to repurchase $8.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 6.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
ADBE has been the subject of several analyst reports. Royal Bank of Canada raised their price target on shares of Adobe Systems to $268.00 and gave the stock an “outperform” rating in a report on Monday, June 11th. They noted that the move was a valuation call. Guggenheim initiated coverage on shares of Adobe Systems in a report on Tuesday, August 7th. They set a “neutral” rating and a $275.00 price target for the company. Morgan Stanley raised their price target on shares of Adobe Systems from $235.00 to $250.00 and gave the stock an “equal weight” rating in a report on Friday, June 15th. Canaccord Genuity restated a “buy” rating and set a $280.00 price target (up previously from $245.00) on shares of Adobe Systems in a report on Friday, June 15th. Finally, BidaskClub lowered shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Nine research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems has an average rating of “Buy” and an average target price of $244.68.
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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