Adobe Systems Inc. (ADBE) Stake Raised by Palladium Partners LLC
Palladium Partners LLC raised its position in Adobe Systems Inc. (NASDAQ:ADBE) by 10.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,698 shares of the software company’s stock after buying an additional 8,264 shares during the period. Palladium Partners LLC’s holdings in Adobe Systems were worth $9,627,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the company. BB&T Securities LLC raised its position in shares of Adobe Systems by 126.8% in the second quarter. BB&T Securities LLC now owns 12,934 shares of the software company’s stock valued at $1,238,000 after buying an additional 7,231 shares during the period. Gilder Gagnon Howe & Co. LLC raised its position in shares of Adobe Systems by 6.9% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 441,697 shares of the software company’s stock valued at $42,310,000 after buying an additional 28,356 shares during the period. Norinchukin Bank The raised its position in shares of Adobe Systems by 2.6% in the second quarter. Norinchukin Bank The now owns 26,236 shares of the software company’s stock valued at $2,513,000 after buying an additional 660 shares during the period. Atalanta Sosnoff Capital LLC raised its position in shares of Adobe Systems by 53.5% in the second quarter. Atalanta Sosnoff Capital LLC now owns 220,831 shares of the software company’s stock valued at $21,153,000 after buying an additional 76,988 shares during the period. Finally, Carnick & Kubik Group LLC purchased a new position in shares of Adobe Systems during the second quarter valued at about $1,215,000. 86.36% of the stock is currently owned by institutional investors.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded down 1.20% during trading on Wednesday, hitting $103.69. The stock had a trading volume of 1,159,906 shares. Adobe Systems Inc. has a 1-year low of $71.27 and a 1-year high of $111.09. The firm’s 50 day moving average is $106.78 and its 200 day moving average is $101.47. The company has a market cap of $51.56 billion, a PE ratio of 52.90 and a beta of 1.14.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 EPS 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 firm had revenue of $1.46 billion for the quarter. During the same quarter last year, the business earned $0.54 EPS. Adobe Systems’s revenue was up 20.2% on a year-over-year basis. Equities research analysts anticipate that Adobe Systems Inc. will post $2.98 EPS for the current fiscal year.
Several brokerages have recently issued reports on ADBE. Zacks Investment Research lowered Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 19th. RBC Capital Markets reiterated an “outperform” rating and issued a $116.00 price objective (up previously from $115.00) on shares of Adobe Systems in a report on Thursday, September 22nd. Cowen and Company upped their price objective 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 reiterated a “buy” rating and issued a $125.00 price objective on shares of Adobe Systems in a report on Thursday, November 3rd. Finally, Pacific Crest upped their price objective on Adobe Systems from $110.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, September 21st. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $112.87.
In other news, EVP Michael A. Dillon sold 13,331 shares of Adobe Systems stock in a transaction on Monday, October 10th. The stock was sold at an average price of $109.64, for a total value of $1,461,610.84. Following the transaction, the executive vice president now owns 30,993 shares in the company, valued at approximately $3,398,072.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James E. Daley sold 6,276 shares of Adobe Systems stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $108.00, for a total value of $677,808.00. Following the completion of the transaction, the director now owns 34,362 shares in the company, valued at approximately $3,711,096. 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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