South Texas Money Management Ltd. Has $52.27 Million Position in Adobe Systems Incorporated (ADBE)
South Texas Money Management Ltd. cut its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 0.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 369,566 shares of the software company’s stock after selling 2,083 shares during the period. Adobe Systems comprises about 2.6% of South Texas Money Management Ltd.’s holdings, making the stock its 4th biggest holding. South Texas Money Management Ltd. owned 0.07% of Adobe Systems worth $52,271,000 as of its most recent filing with the SEC.
Other large investors also recently bought and sold shares of the company. Aviva PLC raised its holdings in shares of Adobe Systems by 0.4% during the second quarter. Aviva PLC now owns 312,394 shares of the software company’s stock valued at $44,194,000 after acquiring an additional 1,250 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Adobe Systems by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock valued at $693,890,000 after acquiring an additional 349,088 shares in the last quarter. Morgan Stanley lifted its position in shares of Adobe Systems by 52.2% in the first quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock valued at $211,367,000 after acquiring an additional 557,169 shares in the last quarter. Gofen & Glossberg LLC IL lifted its position in shares of Adobe Systems by 2.7% in the first quarter. Gofen & Glossberg LLC IL now owns 25,943 shares of the software company’s stock valued at $3,376,000 after acquiring an additional 673 shares in the last quarter. Finally, Arcadia Investment Management Corp MI boosted its stake in shares of Adobe Systems by 6.9% in the second quarter. Arcadia Investment Management Corp MI now owns 34,547 shares of the software company’s stock worth $4,886,000 after acquiring an additional 2,242 shares during the last quarter. Institutional investors own 87.43% of the company’s stock.
Adobe Systems Incorporated (NASDAQ:ADBE) opened at 149.18 on Monday. The stock has a market cap of $73.54 billion, a PE ratio of 46.90 and a beta of 0.99. Adobe Systems Incorporated has a 12 month low of $98.00 and a 12 month high of $157.89. The firm has a 50-day moving average of $151.61 and a 200 day moving average of $140.16.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the prior year, the business earned $0.75 earnings per share. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. Analysts anticipate that Adobe Systems Incorporated will post $4.22 EPS for the current year.
In other Adobe Systems news, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the transaction, the executive vice president now owns 56,356 shares in the company, valued at approximately $8,784,773.28. The disclosure for this sale can be found here. Insiders have sold a total of 53,359 shares of company stock worth $7,868,382 in the last 90 days. Company insiders own 0.38% of the company’s stock.
Several analysts recently commented on the company. Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $157.24 price target for the company in a research report on Wednesday, June 7th. BMO Capital Markets reissued an “outperform” rating and issued a $160.00 price objective (up from $140.00) on shares of Adobe Systems in a research note on Friday, June 9th. Pivotal Research lowered Adobe Systems from a “hold” rating to a “sell” rating and raised their price objective for the company from $109.00 to $112.00 in a report on Monday, June 12th. Citigroup Inc. restated a “buy” rating and issued a $161.00 price objective (up previously from $141.00) on shares of Adobe Systems in a report on Tuesday, June 13th. Finally, BidaskClub lowered Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Adobe Systems has a consensus rating of “Buy” and an average target price of $158.25.
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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