Adobe Systems Incorporated (ADBE) Shares Bought by Polen Capital Management LLC
Polen Capital Management LLC raised its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 7.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,609,638 shares of the software company’s stock after buying an additional 311,512 shares during the period. Adobe Systems makes up 5.6% of Polen Capital Management LLC’s portfolio, making the stock its 7th largest position. Polen Capital Management LLC’s holdings in Adobe Systems were worth $599,852,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Clean Yield Group acquired a new stake in shares of Adobe Systems during the first quarter valued at about $100,000. Washington Trust Bank increased its position in shares of Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Adobe Systems during the first quarter valued at about $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of 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 valued at $141,000 after buying an additional 500 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new position in shares of Adobe Systems during the fourth quarter valued at about $148,000. 88.14% of the stock is currently owned by institutional investors.
Shares of Adobe Systems Incorporated (ADBE) traded up 0.45% during mid-day trading on Thursday, hitting $147.79. The stock had a trading volume of 1,461,659 shares. The firm has a market capitalization of $72.92 billion, a PE ratio of 51.49 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $95.65 and a 1-year high of $150.40. The stock’s 50-day moving average is $144.12 and its 200-day moving average is $131.39.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm’s quarterly revenue was up 26.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.71 earnings per share. Equities analysts expect that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
Several equities analysts recently issued reports on the stock. Royal Bank Of Canada reissued a “buy” rating and set a $157.00 price objective on shares of Adobe Systems in a research note on Monday. Vetr raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price objective for the company in a research report on Tuesday, July 18th. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 4th. Pacific Crest raised their price target on shares of Adobe Systems from $142.00 to $174.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 21st. Finally, Pivotal Research reiterated a “sell” rating and issued a $114.00 price objective (up from $112.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $153.20.
In other news, Director John E. Warnock sold 32,600 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the sale, the director now owns 16,088 shares in the company, valued at $2,317,798.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Ann Lewnes sold 2,233 shares of the company’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $135.86, for a total value of $303,375.38. Following the sale, the executive vice president now owns 64,177 shares of the company’s stock, valued at approximately $8,719,087.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,519 shares of company stock valued at $14,894,384. Corporate 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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