Adobe Systems Incorporated (ADBE) Position Boosted by Prudential Financial Inc.
Prudential Financial Inc. increased its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 15.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,100,796 shares of the software company’s stock after buying an additional 285,760 shares during the quarter. Prudential Financial Inc. owned about 0.43% of Adobe Systems worth $297,137,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of ADBE. BlackRock Inc. grew its holdings in Adobe Systems by 1,894.1% in the 1st quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after buying an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. grew its holdings in Adobe Systems by 92.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock worth $438,907,000 after buying an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP bought a new position in Adobe Systems in the 1st quarter worth approximately $209,666,000. Pioneer Investment Management Inc. bought a new position in Adobe Systems in the 1st quarter worth approximately $201,774,000. Finally, Wellington Management Group LLP grew its holdings in Adobe Systems by 40.3% in the 1st quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock worth $521,737,000 after buying an additional 1,152,281 shares in the last quarter. 87.53% of the stock is owned by institutional investors and hedge funds.
In other Adobe Systems news, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total value of $311,034.57. Following the sale, the executive vice president now directly owns 61,944 shares in the company, valued at approximately $8,628,179.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction on Friday, July 21st. The shares were sold at an average price of $149.38, for a total transaction of $1,867,250.00. The disclosure for this sale can be found here. Insiders sold a total of 102,239 shares of company stock worth $14,877,475 over the last quarter. Company insiders own 0.38% of the company’s stock.
A number of brokerages recently issued reports on ADBE. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a report on Tuesday. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $150.30 price objective for the company in a report on Wednesday, September 6th. BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Royal Bank Of Canada reissued a “buy” rating and issued a $157.00 price objective on shares of Adobe Systems in a report on Monday, July 31st. Finally, Robert W. Baird reissued a “buy” rating and issued a $160.00 price objective on shares of Adobe Systems in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $153.88.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 156.87 on Tuesday. The stock has a market cap of $77.40 billion, a price-to-earnings ratio of 54.64 and a beta of 1.00. The stock has a 50 day moving average price of $150.06 and a 200-day moving average price of $138.45. Adobe Systems Incorporated has a 12-month low of $97.87 and a 12-month high of $157.89.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the business earned $0.71 EPS. The company’s revenue was up 26.7% compared to the same quarter last year. Equities analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.
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Adobe Systems Company Profile
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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