Dana Investment Advisors Inc. reduced its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 15.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 49,479 shares of the software company’s stock after selling 8,739 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Adobe Systems were worth $6,998,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of ADBE. Waldron LP boosted its holdings in shares of Adobe Systems by 96.9% during the first quarter. Waldron LP now owns 5,487 shares of the software company’s stock worth $689,000 after purchasing an additional 2,701 shares during the period. State of Wisconsin Investment Board boosted its holdings in shares of Adobe Systems by 20.1% during the first quarter. State of Wisconsin Investment Board now owns 574,954 shares of the software company’s stock worth $74,819,000 after purchasing an additional 96,257 shares during the period. Insight Capital Research & Management Inc. boosted its holdings in shares of Adobe Systems by 81.6% during the first quarter. Insight Capital Research & Management Inc. now owns 14,907 shares of the software company’s stock worth $1,940,000 after purchasing an additional 6,698 shares during the period. Mutual of America Capital Management LLC boosted its holdings in shares of Adobe Systems by 2.6% during the first quarter. Mutual of America Capital Management LLC now owns 59,715 shares of the software company’s stock worth $7,771,000 after purchasing an additional 1,491 shares during the period. Finally, Intellectus Partners LLC boosted its holdings in shares of Adobe Systems by 1.0% during the first quarter. Intellectus Partners LLC now owns 6,162 shares of the software company’s stock worth $802,000 after purchasing an additional 64 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) traded up 0.42% during mid-day trading on Thursday, hitting $154.29. The stock had a trading volume of 152,928 shares. The firm has a market capitalization of $76.06 billion, a PE ratio of 48.50 and a beta of 0.98. The stock’s 50-day moving average is $151.85 and its 200-day moving average is $143.00. Adobe Systems Incorporated has a 1-year low of $98.00 and a 1-year high of $157.89.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.09. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. Equities analysts expect that Adobe Systems Incorporated will post $4.22 earnings per share for the current year.
ADBE has been the subject of several research reports. Vetr cut shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 price target for the company. in a report on Tuesday, June 20th. Canaccord Genuity restated a “buy” rating and set a $165.00 price target (up from $145.00) on shares of Adobe Systems in a report on Wednesday, June 21st. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. BMO Capital Markets restated an “outperform” rating and set a $165.00 price target on shares of Adobe Systems in a report on Thursday, September 21st. Finally, Robert W. Baird set a $160.00 price target on shares of Adobe Systems and gave the stock a “buy” rating in a report on Friday, October 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $158.16.
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In other news, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Abhay Parasnis sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,406 shares of company stock valued at $3,958,150. 0.38% of the stock is currently owned by corporate insiders.
Adobe Systems Company Profile
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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