Welch & Forbes LLC Increases Stake in Adobe Systems Incorporated (ADBE)
Welch & Forbes LLC increased its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 3.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 10,255 shares of the software company’s stock after buying an additional 382 shares during the period. Welch & Forbes LLC’s holdings in Adobe Systems were worth $1,450,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in shares of Adobe Systems during the first quarter worth approximately $191,000. Ferguson Wellman Capital Management Inc. raised its position in shares of Adobe Systems by 3.7% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 122,991 shares of the software company’s stock worth $16,005,000 after buying an additional 4,342 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in shares of Adobe Systems by 2.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 13,285 shares of the software company’s stock worth $1,616,000 after buying an additional 345 shares during the period. Waldron LP raised its position in shares of Adobe Systems by 96.9% in the first quarter. Waldron LP now owns 5,487 shares of the software company’s stock worth $689,000 after buying an additional 2,701 shares during the period. Finally, BTIM Corp. raised its position in shares of Adobe Systems by 2.5% in the first quarter. BTIM Corp. now owns 6,698 shares of the software company’s stock worth $872,000 after buying an additional 162 shares during the period. 87.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Adobe Systems Incorporated (ADBE) opened at 151.45 on Friday. The company has a market capitalization of $74.73 billion, a P/E ratio of 52.75 and a beta of 1.00. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $153.00. The stock’s 50 day moving average is $147.88 and its 200 day moving average is $135.68.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company’s quarterly revenue was up 26.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.71 earnings per share. Equities analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current year.
A number of brokerages have recently commented on ADBE. Bank of America Corporation lifted their price target on shares of Adobe Systems from $108.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday. Jefferies Group LLC began coverage on shares of Adobe Systems in a report on Thursday. They set a “buy” rating and a $175.00 price target on the stock. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Royal Bank Of Canada reiterated a “buy” rating and set a $157.00 price target on shares of Adobe Systems in a report on Monday, July 31st. Finally, Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price target on the stock in a report on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $152.71.
In other Adobe Systems news, Director John E. Warnock sold 32,600 shares of the stock in a transaction dated Thursday, June 22nd. The shares were 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 directly owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total transaction of $311,034.57. Following the sale, the executive vice president now directly owns 61,944 shares of the company’s stock, valued at $8,628,179.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 102,239 shares of company stock valued at $14,877,475. 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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