Penserra Capital Management LLC reduced its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 31.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 46,521 shares of the software company’s stock after selling 21,179 shares during the period. Penserra Capital Management LLC’s holdings in Adobe Systems were worth $12,555,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Signature Estate & Investment Advisors LLC acquired a new position in Adobe Systems during the 2nd quarter valued at $107,000. Psagot Investment House Ltd. acquired a new position in Adobe Systems during the 3rd quarter valued at $130,000. JNBA Financial Advisors raised its stake in Adobe Systems by 4,366.7% during the 3rd quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock valued at $145,000 after purchasing an additional 524 shares during the last quarter. Centaurus Financial Inc. acquired a new position in Adobe Systems during the 2nd quarter valued at $170,000. Finally, Mckinley Capital Management LLC Delaware acquired a new position in Adobe Systems during the 2nd quarter valued at $177,000. 85.06% of the stock is owned by institutional investors and hedge funds.
Shares of ADBE stock opened at $244.84 on Friday. Adobe Systems Incorporated has a 52-week low of $165.68 and a 52-week high of $277.61. The firm has a market capitalization of $123.71 billion, a PE ratio of 49.40, a price-to-earnings-growth ratio of 2.73 and a beta of 1.15. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the company posted $1.10 EPS. The business’s revenue was up 24.4% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Systems Incorporated will post 5.66 earnings per share for the current year.
In other news, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $245.30, for a total value of $2,943,600.00. Following the sale, the executive vice president now owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 2,910 shares of the company’s stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $261.21, for a total transaction of $760,121.10. Following the completion of the sale, the executive vice president now directly owns 55,647 shares in the company, valued at approximately $14,535,552.87. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,790 shares of company stock worth $5,247,062. 0.33% of the stock is owned by insiders.
Several research firms recently commented on ADBE. Rosenblatt Securities reiterated a “buy” rating and set a $280.00 target price on shares of Adobe Systems in a research note on Sunday, October 21st. Wedbush began coverage on shares of Adobe Systems in a research note on Thursday, October 18th. They set a “neutral” rating and a $270.00 target price for the company. Barclays upped their target price on shares of Adobe Systems from $297.00 to $304.00 and gave the company an “overweight” rating in a research note on Tuesday, October 16th. BidaskClub cut shares of Adobe Systems from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Finally, Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 target price for the company in a research note on Thursday, October 4th. Ten research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Adobe Systems presently has a consensus rating of “Buy” and a consensus target price of $271.04.
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Adobe Systems Profile
Adobe Inc 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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