Adobe Systems Incorporated (ADBE) Stake Raised by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC grew its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 16.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,388 shares of the software company’s stock after purchasing an additional 756 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Adobe Systems were worth $1,484,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of ADBE. Pioneer Trust Bank N A OR grew its position in shares of Adobe Systems by 8.0% during the 2nd quarter. Pioneer Trust Bank N A OR now owns 2,700 shares of the software company’s stock valued at $658,000 after buying an additional 200 shares during the last quarter. RB Capital Management LLC grew its position in shares of Adobe Systems by 4.7% during the 2nd quarter. RB Capital Management LLC now owns 4,416 shares of the software company’s stock valued at $1,077,000 after buying an additional 200 shares during the last quarter. Violich Capital Management Inc. grew its position in shares of Adobe Systems by 6.8% during the 2nd quarter. Violich Capital Management Inc. now owns 3,125 shares of the software company’s stock valued at $762,000 after buying an additional 200 shares during the last quarter. Andra AP fonden grew its position in shares of Adobe Systems by 0.7% during the 3rd quarter. Andra AP fonden now owns 27,700 shares of the software company’s stock valued at $7,478,000 after buying an additional 200 shares during the last quarter. Finally, Wetherby Asset Management Inc. grew its position in shares of Adobe Systems by 1.6% during the 2nd quarter. Wetherby Asset Management Inc. now owns 13,344 shares of the software company’s stock valued at $3,254,000 after buying an additional 213 shares during the last quarter. Institutional investors and hedge funds own 85.06% of the company’s stock.

NASDAQ ADBE 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 company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $123.71 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.73 and a beta of 1.15.

Adobe Systems (NASDAQ:ADBE) last posted its earnings results 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 28.16% and a return on equity of 29.51%. The firm 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 firm earned $1.10 EPS. Adobe Systems’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, equities analysts expect that Adobe Systems Incorporated will post 5.66 earnings per share for the current year.

A number of equities research analysts recently weighed in on ADBE shares. Argus boosted their price objective on shares of Adobe Systems from $289.00 to $320.00 and gave the company a “buy” rating in a research report on Monday, September 17th. Barclays boosted their price objective on shares of Adobe Systems from $297.00 to $304.00 and gave the company an “overweight” rating in a research report on Tuesday, October 16th. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 price objective for the company in a research report on Thursday, October 4th. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. Finally, Citigroup boosted their price objective on shares of Adobe Systems from $260.00 to $309.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Ten investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $271.04.

In other news, EVP Bradley Rencher sold 12,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 68,071 shares in the company, valued at $16,697,816.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Lewnes sold 2,941 shares of the stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the transaction, the executive vice president now owns 58,557 shares of the company’s stock, valued at $15,877,144.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,790 shares of company stock valued at $5,247,062. 0.33% of the stock is owned by insiders.

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Adobe Systems Company 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: Cash Flow

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Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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