Amica Mutual Insurance Co. Continues to Hold Stake in Adobe Systems Inc. (ADBE)
Amica Mutual Insurance Co. continued to hold its position in shares of Adobe Systems Inc. (NASDAQ:ADBE) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,160 shares of the software company’s stock at the end of the third quarter. Amica Mutual Insurance Co.’s holdings in Adobe Systems were worth $3,274,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. FMR LLC raised its position in Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock worth $3,481,242,000 after buying an additional 2,249,163 shares during the period. Vanguard Group Inc. raised its position in Adobe Systems by 4.5% in the second quarter. Vanguard Group Inc. now owns 30,836,091 shares of the software company’s stock worth $2,953,789,000 after buying an additional 1,325,228 shares during the period. Bank of New York Mellon Corp raised its position in Adobe Systems by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 15,555,000 shares of the software company’s stock worth $1,490,013,000 after buying an additional 211,475 shares during the period. Janus Capital Management LLC raised its position in Adobe Systems by 19.9% in the second quarter. Janus Capital Management LLC now owns 13,353,901 shares of the software company’s stock worth $1,279,159,000 after buying an additional 2,215,100 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in Adobe Systems by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 13,196,084 shares of the software company’s stock worth $1,264,053,000 after buying an additional 43,801 shares during the period. Institutional investors and hedge funds own 86.36% of the company’s stock.
Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.43% during midday trading on Tuesday, hitting $104.95. The company had a trading volume of 2,353,061 shares. The company has a market cap of $52.18 billion, a P/E ratio of 53.55 and a beta of 1.14. Adobe Systems Inc. has a one year low of $71.27 and a one year high of $111.09. The company’s 50 day moving average is $106.78 and its 200-day moving average is $101.47.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly 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. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The company earned $1.46 billion during the quarter. During the same period last year, the business earned $0.54 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts predict that Adobe Systems Inc. will post $2.98 EPS for the current year.
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ADBE has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Adobe Systems from a “strong-buy” rating to a “hold” rating in a report on Friday, August 19th. RBC Capital Markets reissued an “outperform” rating and issued a $116.00 target price (up previously from $115.00) on shares of Adobe Systems in a report on Thursday, September 22nd. Cowen and Company raised their target price on Adobe Systems from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, September 21st. Deutsche Bank AG reissued a “buy” rating and issued a $125.00 target price on shares of Adobe Systems in a report on Thursday, November 3rd. Finally, Pacific Crest raised their target price on Adobe Systems from $110.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, September 21st. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and an average price target of $112.87.
In other news, EVP Michael A. Dillon sold 13,331 shares of the stock in a transaction dated Monday, October 10th. The stock was sold at an average price of $109.64, for a total transaction of $1,461,610.84. Following the transaction, the executive vice president now owns 30,993 shares of the company’s stock, valued at approximately $3,398,072.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Garrett sold 26,899 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total value of $2,783,239.53. The disclosure for this sale can be found here. 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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