Gemmer Asset Management LLC grew its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 10.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,538 shares of the software company’s stock after acquiring an additional 6,052 shares during the quarter. Adobe Systems comprises approximately 5.2% of Gemmer Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. Gemmer Asset Management LLC’s holdings in Adobe Systems were worth $16,882,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Adobe Systems in the 2nd quarter worth $107,000. Rainier Group Investment Advisory LLC purchased a new position in shares of Adobe Systems during the 1st quarter worth $130,000. Mount Yale Investment Advisors LLC purchased a new position in shares of Adobe Systems during the 1st quarter worth $132,000. Centaurus Financial Inc. purchased a new position in shares of Adobe Systems during the 2nd quarter worth $170,000. Finally, Cerebellum GP LLC grew its holdings in shares of Adobe Systems by 55.8% during the 2nd quarter. Cerebellum GP LLC now owns 712 shares of the software company’s stock worth $174,000 after purchasing an additional 255 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.
Adobe Systems stock traded up $11.01 during midday trading on Friday, reaching $249.60. 288,196 shares of the stock traded hands, compared to its average volume of 2,931,927. Adobe Systems Incorporated has a 12-month low of $148.15 and a 12-month high of $277.61. The stock has a market capitalization of $131.77 billion, a price-to-earnings ratio of 66.46, a price-to-earnings-growth ratio of 2.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.66.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period last year, the business posted $1.10 EPS. Adobe Systems’s revenue for the quarter was up 24.4% on a year-over-year basis. Equities research analysts anticipate that Adobe Systems Incorporated will post 5.65 earnings per share for the current year.
A number of equities analysts have recently weighed in on ADBE shares. Zacks Investment Research upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 price target for the company in a report on Thursday, October 4th. Wells Fargo & Co increased their price target on Adobe Systems from $200.00 to $250.00 and gave the stock a “market perform” rating in a report on Friday, June 15th. Citigroup increased their price target on Adobe Systems from $260.00 to $309.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Argus increased their price target on Adobe Systems from $289.00 to $320.00 and gave the stock a “buy” rating in a report on Monday, September 17th. Finally, BMO Capital Markets increased their price target on Adobe Systems from $260.00 to $278.00 and gave the stock an “outperform” rating in a report on Friday, June 15th. Ten investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $262.03.
In other news, EVP Abhay Parasnis sold 10,500 shares of Adobe Systems stock in a transaction dated Tuesday, July 24th. The stock was 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 at this hyperlink. Also, EVP Ann Lewnes sold 2,939 shares of Adobe Systems stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total value of $745,918.20. Following the completion of the transaction, the executive vice president now owns 61,498 shares of the company’s stock, valued at approximately $15,608,192.40. The disclosure for this sale can be found here. Insiders have sold a total of 19,320 shares of company stock valued at $5,031,554 over the last 90 days. 0.33% of the stock is currently owned by company insiders.
About Adobe Systems
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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