Westside Investment Management Inc. increased its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 688.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,405 shares of the software company’s stock after buying an additional 2,100 shares during the period. Westside Investment Management Inc.’s holdings in Adobe Systems were worth $312,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Clean Yield Group acquired a new stake in shares of Adobe Systems during the first quarter valued at approximately $100,000. Washington Trust Bank boosted its position in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares during the period. Signature Estate & Investment Advisors LLC purchased a new position in Adobe Systems during the first quarter worth about $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in Adobe Systems by 86.2% in the first 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. Finally, WFG Advisors LP boosted its position in Adobe Systems by 10.1% in the first quarter. WFG Advisors LP now owns 1,263 shares of the software company’s stock worth $164,000 after buying an additional 116 shares during the period. 88.05% of the stock is currently owned by institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded down 0.42% during mid-day trading on Tuesday, hitting $147.81. 1,507,057 shares of the company traded hands. The stock has a market capitalization of $72.93 billion, a PE ratio of 51.48 and a beta of 1.00. The firm’s 50 day moving average price is $144.91 and its 200-day moving average price is $131.74. Adobe Systems Incorporated has a 1-year low of $97.87 and a 1-year high of $150.40.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. The company 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%. Adobe Systems’s revenue was up 26.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 earnings per share. On average, equities research analysts forecast that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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ADBE has been the subject of a number of research reports. Stifel Nicolaus initiated coverage on Adobe Systems in a report on Tuesday, April 11th. They set a “buy” rating and a $150.00 target price for the company. Guggenheim started coverage on Adobe Systems in a report on Wednesday, April 12th. They set a “buy” rating and a $155.00 target price for the company. Barclays PLC started coverage on Adobe Systems in a report on Tuesday, May 2nd. They issued an “overweight” rating and a $155.00 price objective for the company. Royal Bank Of Canada raised their price objective on Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. Finally, Vetr cut Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price target for the company. in a report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $153.20.
In other news, EVP Ann Lewnes sold 2,233 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $135.86, for a total value of $303,375.38. Following the transaction, the executive vice president now directly owns 64,177 shares in the company, valued at $8,719,087.22. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Donna Morris sold 5,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $145.00, for a total transaction of $725,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 102,519 shares of company stock worth $14,894,384. Insiders own 0.38% of the company’s stock.
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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