Cedar Capital LLC boosted its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 12.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,399 shares of the software company’s stock after purchasing an additional 261 shares during the period. Cedar Capital LLC’s holdings in Adobe Systems were worth $339,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC acquired a new stake in Adobe Systems during the second quarter valued at approximately $100,000. CWM LLC lifted its stake in Adobe Systems by 11.8% during the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after purchasing an additional 79 shares during the last quarter. Clean Yield Group acquired a new stake in Adobe Systems during the first quarter valued at approximately $100,000. Signature Estate & Investment Advisors LLC acquired a new stake in Adobe Systems during the first quarter valued at approximately $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in Adobe Systems by 86.2% during the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares during the last quarter. 87.53% of the stock is owned by institutional investors and hedge funds.
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Several brokerages recently commented on ADBE. Zacks Investment Research downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating in a research report on Thursday. Vetr downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target for the company. in a research report on Thursday, August 31st. Morgan Stanley restated an “equal weight” rating and issued a $137.00 price target on shares of Adobe Systems in a research report on Friday, June 16th. Royal Bank Of Canada upped their price target on shares of Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research report on Thursday, May 25th. Finally, BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $154.08.
Adobe Systems Incorporated (ADBE) opened at 154.49 on Friday. The company has a 50-day moving average of $151.06 and a 200-day moving average of $139.34. The firm has a market capitalization of $76.23 billion, a price-to-earnings ratio of 53.81 and a beta of 1.00. 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, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The firm’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.71 earnings per share. On average, equities analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
In related news, EVP Donna Morris sold 5,000 shares of the business’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $145.00, for a total transaction of $725,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Daniel Rosensweig sold 11,000 shares of the business’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $143.71, for a total transaction of $1,580,810.00. Following the transaction, the director now owns 8,801 shares in the company, valued at $1,264,791.71. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,959 shares of company stock worth $14,870,874. 0.38% of the stock is owned by corporate insiders.
Adobe Systems 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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