Employees Retirement System of Texas lifted its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 25.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,100 shares of the software company’s stock after acquiring an additional 44,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Adobe Systems were worth $30,282,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC acquired a new stake in shares of Adobe Systems during the 2nd quarter valued at $100,000. CWM LLC lifted its holdings 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 buying an additional 79 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings 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 buying an additional 500 shares during the period. Sumitomo Mitsui Financial Group Inc. acquired a new position in Adobe Systems during the 2nd quarter worth about $141,000. Finally, Acrospire Investment Management LLC raised its position in shares of Adobe Systems by 100.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock worth $141,000 after acquiring an additional 500 shares in the last quarter. 87.49% of the stock is currently owned by institutional investors.
Adobe Systems Incorporated (NASDAQ ADBE) traded down 0.28% during trading on Tuesday, reaching $150.04. 138,353 shares of the company were exchanged. The stock has a market capitalization of $73.96 billion, a P/E ratio of 47.17 and a beta of 0.99. Adobe Systems Incorporated has a 1-year low of $98.00 and a 1-year high of $157.89. The company’s 50-day moving average price is $152.02 and its 200-day moving average price is $143.47.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the prior year, the business earned $0.75 earnings per share. The company’s quarterly revenue was up 25.8% compared to the same quarter last year. On average, equities analysts forecast that Adobe Systems Incorporated will post $4.22 EPS for the current year.
In other Adobe Systems news, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $150.00, for a total transaction of $1,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $149.38, for a total transaction of $1,867,250.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,359 shares of company stock valued at $4,255,181. Company insiders own 0.38% of the company’s stock.
Several research firms have recently weighed in on ADBE. Deutsche Bank AG lowered Adobe Systems from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $153.93 to $160.00 in a research report on Monday. Robert W. Baird set a $160.00 price objective on Adobe Systems and gave the stock a “buy” rating in a research report on Friday, October 6th. Cowen and Company reissued an “outperform” rating and issued a $165.00 price objective on shares of Adobe Systems in a research report on Tuesday, October 3rd. Zacks Investment Research raised Adobe Systems from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $165.00 target price on shares of Adobe Systems in a research report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems currently has a consensus rating of “Buy” and an average price target of $158.16.
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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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