Polar Capital LLP increased its stake in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 147.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 247,226 shares of the software company’s stock after buying an additional 147,249 shares during the period. Polar Capital LLP’s holdings in Adobe Systems were worth $23,683,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Savant Capital LLC increased its stake in Adobe Systems by 0.3% in the second quarter. Savant Capital LLC now owns 3,445 shares of the software company’s stock valued at $330,000 after buying an additional 10 shares in the last quarter. Johanson Financial Advisors Inc. increased its stake in Adobe Systems by 0.5% in the second quarter. Johanson Financial Advisors Inc. now owns 3,823 shares of the software company’s stock valued at $366,000 after buying an additional 20 shares in the last quarter. Bank of The West increased its stake in Adobe Systems by 0.8% in the second quarter. Bank of The West now owns 4,943 shares of the software company’s stock valued at $473,000 after buying an additional 38 shares in the last quarter. EP Wealth Advisors Inc. increased its stake in Adobe Systems by 0.9% in the first quarter. EP Wealth Advisors Inc. now owns 5,074 shares of the software company’s stock valued at $476,000 after buying an additional 44 shares in the last quarter. Finally, Raymond James Trust N.A. increased its stake in Adobe Systems by 0.8% in the second quarter. Raymond James Trust N.A. now owns 6,437 shares of the software company’s stock valued at $617,000 after buying an additional 50 shares in the last quarter. 87.85% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded down 0.38% during trading on Friday, reaching $103.68. The company’s stock had a trading volume of 3,833,663 shares. The stock has a market capitalization of $51.55 billion, a price-to-earnings ratio of 52.90 and a beta of 1.14. Adobe Systems Inc. has a 1-year low of $71.27 and a 1-year high of $111.09. The company’s 50-day moving average price is $107.91 and its 200 day moving average price is $100.64.

Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. The firm earned $1.46 billion during the quarter. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. Analysts anticipate that Adobe Systems Inc. will post $2.98 EPS for the current year.

A number of brokerages have recently issued reports on ADBE. Zacks Investment Research downgraded Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 19th. RBC Capital Markets reissued an “outperform” rating and set a $116.00 target price (up from $115.00) on shares of Adobe Systems in a research note on Thursday, September 22nd. Cowen and Company increased their target price on Adobe Systems from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 21st. Deutsche Bank AG reissued a “buy” rating and set a $125.00 target price on shares of Adobe Systems in a research note on Thursday, November 3rd. Finally, Pacific Crest increased their target price on Adobe Systems from $110.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 21st. Six equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Adobe Systems currently has an average rating of “Buy” and a consensus price target of $112.87.

In other Adobe Systems news, EVP Michael A. Dillon sold 13,331 shares of the business’s stock in a transaction on Monday, October 10th. The shares were sold at an average price of $109.64, for a total transaction of $1,461,610.84. Following the completion of the transaction, the executive vice president now owns 30,993 shares of the company’s stock, valued at approximately $3,398,072.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael A. Dillon sold 5,450 shares of the business’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $101.85, for a total transaction of $555,082.50. Following the transaction, the executive vice president now directly owns 44,324 shares of the company’s stock, valued at approximately $4,514,399.40. The disclosure for this sale can be found here. Company insiders own 0.43% 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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