Parkwood LLC Invests $480,000 in Adobe Systems Incorporated (ADBE)

Parkwood LLC acquired a new position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) during the second quarter, Holdings Channel reports. The fund acquired 3,393 shares of the software company’s stock, valued at approximately $480,000.

Other large investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new position in Adobe Systems during the first quarter worth $191,000. Gemmer Asset Management LLC raised its position in Adobe Systems by 16.1% in the first quarter. Gemmer Asset Management LLC now owns 16,329 shares of the software company’s stock worth $2,125,000 after buying an additional 2,267 shares during the last quarter. Johanson Financial Advisors Inc. bought a new position in Adobe Systems during the first quarter worth $305,000. Columbus Circle Investors bought a new position in Adobe Systems during the first quarter worth $305,000. Finally, Barometer Capital Management Inc. raised its position in Adobe Systems by 866.7% in the first quarter. Barometer Capital Management Inc. now owns 58,000 shares of the software company’s stock worth $7,548,000 after buying an additional 52,000 shares during the last quarter. Institutional investors and hedge funds own 87.64% of the company’s stock.

Shares of Adobe Systems Incorporated (ADBE) traded up 0.1267% during mid-day trading on Friday, reaching $148.4178. The company’s stock had a trading volume of 881,030 shares. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $151.99. The company has a market cap of $73.23 billion, a PE ratio of 51.6955 and a beta of 1.00. The company has a 50-day moving average price of $146.39 and a 200 day moving average price of $134.11.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company’s quarterly revenue was up 26.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.71 EPS. Equities analysts expect that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.

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A number of research analysts have weighed in on ADBE shares. Vetr lowered Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 target price for the company. in a report on Tuesday, June 20th. BidaskClub lowered Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. Citigroup Inc. reaffirmed a “buy” rating and set a $161.00 target price (up previously from $141.00) on shares of Adobe Systems in a report on Tuesday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $165.00 target price (up previously from $145.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $184.00 target price (up previously from $160.00) on shares of Adobe Systems in a report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. Adobe Systems presently has a consensus rating of “Buy” and an average price target of $154.20.

In other news, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total value of $311,034.57. Following the completion of the transaction, the executive vice president now owns 61,944 shares of the company’s stock, valued at approximately $8,628,179.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 102,239 shares of company stock valued at $14,877,475. Company insiders own 0.38% of the company’s stock.

About Adobe Systems

Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.

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

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