Wealthfront Inc. Purchases New Holdings in Adobe Systems Incorporated (ADBE)
Wealthfront Inc. acquired a new position in Adobe Systems Incorporated (NASDAQ:ADBE) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,029 shares of the software company’s stock, valued at approximately $1,419,000.
Other hedge funds have also bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Adobe Systems by 1,894.1% during the 1st quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after purchasing an additional 30,228,013 shares in the last quarter. FMR LLC grew its stake in Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after purchasing an additional 1,651,762 shares during the period. Egerton Capital UK LLP acquired a new stake in Adobe Systems during the first quarter worth approximately $209,666,000. Pioneer Investment Management Inc. acquired a new stake in Adobe Systems during the first quarter worth approximately $201,774,000. Finally, Polen Capital Management LLC increased its holdings in Adobe Systems by 31.5% in the second quarter. Polen Capital Management LLC now owns 6,062,530 shares of the software company’s stock worth $857,484,000 after purchasing an additional 1,452,892 shares in the last quarter. 87.43% of the stock is owned by hedge funds and other institutional investors.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total value of $281,232.00. Following the completion of the sale, the executive vice president now owns 59,991 shares of the company’s stock, valued at approximately $8,638,704. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. The disclosure for this sale can be found here. Insiders have sold 53,359 shares of company stock valued at $7,868,382 over the last three months. 0.38% of the stock is owned by corporate insiders.
Several equities analysts have issued reports on the company. Zacks Investment Research lowered Adobe Systems from a “hold” rating to a “sell” rating in a research note on Thursday, September 14th. Vetr downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price objective for the company. in a research report on Thursday, August 31st. Morgan Stanley reaffirmed an “equal weight” rating and set a $137.00 price objective on shares of Adobe Systems in a research report on Friday, June 16th. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 price objective on shares of Adobe Systems in a research note on Monday, July 31st. Finally, BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $158.25.
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Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 147.94 on Tuesday. The company has a market capitalization of $72.93 billion, a price-to-earnings ratio of 46.51 and a beta of 0.99. Adobe Systems Incorporated has a 52 week low of $98.00 and a 52 week high of $157.89. The firm has a 50 day moving average price of $151.67 and a 200 day moving average price of $141.89.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the firm posted $0.75 EPS. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. Equities analysts forecast that Adobe Systems Incorporated will post $4.22 EPS for the current year.
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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