Skandinaviska Enskilda Banken AB publ lessened its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 4.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 147,544 shares of the software company’s stock after selling 6,085 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Adobe Systems were worth $39,829,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Adobe Systems during the 2nd quarter valued at about $107,000. Psagot Investment House Ltd. purchased a new stake in shares of Adobe Systems during the 3rd quarter valued at about $130,000. JNBA Financial Advisors boosted its holdings in shares of Adobe Systems by 4,366.7% in the third quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock worth $145,000 after buying an additional 524 shares during the last quarter. Centaurus Financial Inc. purchased a new position in shares of Adobe Systems in the second quarter worth approximately $170,000. Finally, Mckinley Capital Management LLC Delaware purchased a new position in shares of Adobe Systems in the second quarter worth approximately $177,000. 85.06% of the stock is currently owned by hedge funds and other institutional investors.
ADBE has been the topic of a number of research reports. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 price objective on the stock in a report on Thursday, October 4th. Citigroup raised their price objective on shares of Adobe Systems from $260.00 to $309.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Argus raised their price objective on shares of Adobe Systems from $289.00 to $320.00 and gave the stock a “buy” rating in a report on Monday, September 17th. Wedbush initiated coverage on shares of Adobe Systems in a report on Thursday, October 18th. They issued a “neutral” rating and a $270.00 price objective on the stock. Finally, Barclays raised their price objective on shares of Adobe Systems from $297.00 to $304.00 and gave the stock an “overweight” rating in a report on Tuesday, October 16th. Ten analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $271.04.
Shares of NASDAQ:ADBE opened at $244.84 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Systems Incorporated has a 1-year low of $165.68 and a 1-year high of $277.61. The company has a market cap of $123.71 billion, a price-to-earnings ratio of 68.20, a PEG ratio of 2.73 and a beta of 1.15.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the firm earned $1.10 earnings per share. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. On average, equities research analysts predict that Adobe Systems Incorporated will post 5.66 EPS for the current fiscal year.
In other news, EVP Bradley Rencher sold 12,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the sale, the executive vice president now owns 68,071 shares in the company, valued at $16,697,816.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Ann Lewnes sold 2,939 shares of Adobe Systems stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total transaction of $745,918.20. Following the sale, the executive vice president now owns 61,498 shares in the company, valued at approximately $15,608,192.40. The disclosure for this sale can be found here. Insiders have sold 20,790 shares of company stock worth $5,247,062 in the last ninety days. Insiders own 0.33% of the company’s stock.
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.
Further Reading: Earnings Per Share
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