Progressive Investment Management Corp raised its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 0.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,646 shares of the software company’s stock after acquiring an additional 49 shares during the quarter. Progressive Investment Management Corp’s holdings in Adobe Systems were worth $940,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of ADBE. Knowledge Leaders Capital LLC lifted its holdings in shares of Adobe Systems by 0.6% during the second quarter. Knowledge Leaders Capital LLC now owns 50,173 shares of the software company’s stock valued at $7,096,000 after purchasing an additional 308 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Adobe Systems by 0.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 728,147 shares of the software company’s stock worth $102,989,000 after acquiring an additional 3,452 shares during the last quarter. Marshall Wace North America L.P. raised its holdings in Adobe Systems by 38.0% in the 2nd quarter. Marshall Wace North America L.P. now owns 366,294 shares of the software company’s stock worth $51,648,000 after acquiring an additional 100,934 shares during the last quarter. HM Payson & Co. raised its holdings in Adobe Systems by 2.6% in the 2nd quarter. HM Payson & Co. now owns 3,989 shares of the software company’s stock worth $564,000 after acquiring an additional 100 shares during the last quarter. Finally, BB&T Securities LLC raised its holdings in Adobe Systems by 13.2% in the 2nd quarter. BB&T Securities LLC now owns 16,825 shares of the software company’s stock worth $2,379,000 after acquiring an additional 1,957 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.
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Adobe Systems Incorporated (ADBE) opened at 148.50 on Friday. The firm has a 50-day moving average of $151.61 and a 200-day moving average of $140.16. The company has a market capitalization of $73.27 billion, a P/E ratio of 51.72 and a beta of 1.00. Adobe Systems Incorporated has a 52 week low of $98.00 and a 52 week high of $157.89. Adobe Systems also saw some unusual options trading activity on Wednesday. Traders purchased 27,240 put options on the company. This represents an increase of approximately 752% compared to the typical daily volume of 3,199 put options.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 earnings per share. Analysts anticipate that Adobe Systems Incorporated will post $4.22 EPS for the current fiscal year.
In other news, EVP Donna Morris sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The shares were 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 hyperlink. Also, Director Charles M. Geschke sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $145.16, for a total transaction of $3,629,000.00. The disclosure for this sale can be found here. Insiders have sold 64,359 shares of company stock worth $9,449,192 in the last quarter. Insiders own 0.38% of the company’s stock.
A number of equities analysts recently weighed in on ADBE shares. Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.24 price objective for the company in a report on Wednesday, June 7th. BMO Capital Markets restated an “outperform” rating and issued a $160.00 price objective (up from $140.00) on shares of Adobe Systems in a report on Friday, June 9th. Pivotal Research lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and boosted their target price for the company from $109.00 to $112.00 in a research note on Monday, June 12th. Citigroup Inc. reiterated a “buy” rating and set a $161.00 target price (up from $141.00) on shares of Adobe Systems in a research note on Tuesday, June 13th. Finally, BidaskClub lowered shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $157.28.
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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