Flagship Harbor Advisors LLC boosted its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 16.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,388 shares of the software company’s stock after purchasing an additional 756 shares during the period. Flagship Harbor Advisors LLC’s holdings in Adobe Systems were worth $1,484,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Adobe Systems in the 2nd quarter valued at approximately $107,000. Psagot Investment House Ltd. purchased a new stake in shares of Adobe Systems in the 3rd quarter valued at approximately $130,000. JNBA Financial Advisors lifted its position in shares of Adobe Systems by 4,366.7% in the 3rd quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock valued at $145,000 after acquiring an additional 524 shares in the last quarter. Centaurus Financial Inc. purchased a new stake in shares of Adobe Systems in the 2nd quarter valued at approximately $170,000. Finally, Mckinley Capital Management LLC Delaware purchased a new stake in shares of Adobe Systems in the 2nd quarter valued at approximately $177,000. 85.06% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Ann Lewnes sold 2,939 shares of the stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total transaction of $745,918.20. Following the transaction, the executive vice president now owns 61,498 shares in the company, valued at approximately $15,608,192.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Bradley Rencher sold 12,000 shares of the stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the transaction, the executive vice president now owns 68,071 shares in the company, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,790 shares of company stock worth $5,247,062. 0.33% of the stock is currently owned by company insiders.
Several equities research analysts recently commented on the stock. Barclays upped their price target on shares of Adobe Systems to $297.00 and gave the company an “overweight” rating in a research report on Wednesday, September 12th. KeyCorp restated a “buy” rating and issued a $286.00 price target (up previously from $276.00) on shares of Adobe Systems in a research report on Friday, September 14th. Credit Suisse Group upped their price target on shares of Adobe Systems from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, September 14th. Guggenheim assumed coverage on shares of Adobe Systems in a research report on Tuesday, August 7th. They issued a “neutral” rating and a $275.00 price target for the company. Finally, BidaskClub upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research report on Saturday, August 25th. Ten research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $271.04.
Adobe Systems stock opened at $244.84 on Friday. The company has a market capitalization of $123.71 billion, a price-to-earnings ratio of 49.40, a P/E/G ratio of 2.73 and a beta of 1.15. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Systems Incorporated has a twelve month low of $165.68 and a twelve month high of $277.61.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the business posted $1.10 EPS. Adobe Systems’s quarterly revenue was up 24.4% on a year-over-year basis. Equities research analysts forecast that Adobe Systems Incorporated will post 5.66 earnings per share for the current year.
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About Adobe Systems
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.
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