Gerber Kawasaki Wealth & Investment Management Takes $200,000 Position in Adobe Systems Incorporated (ADBE)
Gerber Kawasaki Wealth & Investment Management bought a new position in Adobe Systems Incorporated (NASDAQ:ADBE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,401 shares of the software company’s stock, valued at approximately $200,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Autus Asset Management LLC raised its holdings in shares of Adobe Systems by 23.7% during the second quarter. Autus Asset Management LLC now owns 17,503 shares of the software company’s stock valued at $2,475,000 after acquiring an additional 3,358 shares during the period. Banque Pictet & Cie SA raised its holdings in shares of Adobe Systems by 1.3% during the second quarter. Banque Pictet & Cie SA now owns 77,576 shares of the software company’s stock valued at $10,972,000 after acquiring an additional 986 shares during the period. Pictet & Cie Europe SA raised its holdings in shares of Adobe Systems by 29.9% during the second quarter. Pictet & Cie Europe SA now owns 8,090 shares of the software company’s stock valued at $1,144,000 after acquiring an additional 1,864 shares during the period. PICTET BANK & TRUST Ltd acquired a new stake in shares of Adobe Systems during the second quarter valued at approximately $1,127,000. Finally, Pinnacle Associates Ltd. raised its holdings in shares of Adobe Systems by 61.1% during the second quarter. Pinnacle Associates Ltd. now owns 48,632 shares of the software company’s stock valued at $6,879,000 after acquiring an additional 18,444 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the transaction, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at $8,784,773.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Donna Morris sold 5,000 shares of Adobe Systems stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $145.00, for a total transaction of $725,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,959 shares of company stock valued at $14,870,874. Company insiders own 0.38% of the company’s stock.
Adobe Systems Incorporated (NASDAQ:ADBE) opened at 154.49 on Monday. The firm has a market capitalization of $76.23 billion, a PE ratio of 53.81 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $98.00 and a 1-year high of $157.89. The company’s 50-day moving average is $151.06 and its 200 day moving average is $139.34.
Adobe Systems (NASDAQ:ADBE) last released 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. 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 during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the business posted $0.71 earnings per share. The company’s revenue for the quarter was up 26.7% compared to the same quarter last year. On average, equities analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.
A number of equities research analysts have recently issued reports on ADBE shares. Zacks Investment Research lowered shares of Adobe Systems from a “hold” rating to a “sell” rating in a report on Thursday. Vetr lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target on the stock. in a report on Thursday, August 31st. Morgan Stanley restated an “equal weight” rating and set a $137.00 price target on shares of Adobe Systems in a report on Friday, June 16th. Royal Bank Of Canada boosted their price target on shares of Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. Finally, BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 24th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $154.41.
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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