Great Lakes Advisors LLC increased its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,356 shares of the software company’s stock after purchasing an additional 101 shares during the quarter. Great Lakes Advisors LLC’s holdings in Adobe Systems were worth $333,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC acquired a new position in Adobe Systems during the 2nd quarter worth $100,000. CWM LLC grew its stake in Adobe Systems by 11.8% during the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock worth $106,000 after purchasing an additional 79 shares in the last quarter. Clean Yield Group acquired a new position in Adobe Systems during the 1st quarter worth $100,000. Signature Estate & Investment Advisors LLC acquired a new position in Adobe Systems during the 1st quarter worth $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. grew its stake in Adobe Systems by 86.2% during the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after purchasing an additional 500 shares in the last quarter. 87.53% of the stock is owned by hedge funds and other institutional investors.
Adobe Systems Incorporated (NASDAQ ADBE) opened at 156.87 on Tuesday. The stock’s 50 day moving average price is $150.06 and its 200-day moving average price is $138.45. Adobe Systems Incorporated has a 52 week low of $97.87 and a 52 week high of $157.89. The stock has a market capitalization of $77.40 billion, a P/E ratio of 54.64 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm posted $0.71 earnings per share. Adobe Systems’s quarterly revenue was up 26.7% compared to the same quarter last year. Equities research analysts expect that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
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In other news, 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 transaction of $311,034.57. Following the sale, the executive vice president now owns 61,944 shares of the company’s stock, valued at $8,628,179.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is currently owned by insiders.
Several research firms recently commented on ADBE. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research note on Tuesday. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $150.30 target price for the company in a research note on Wednesday, September 6th. BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada reissued a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a research note on Monday, July 31st. Finally, Robert W. Baird reissued a “buy” rating and set a $160.00 target price on shares of Adobe Systems in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company’s stock. Adobe Systems presently has an average rating of “Buy” and a consensus price target of $153.88.
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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