Newbrook Capital Advisors LP Boosts Position in Adobe Systems Incorporated (ADBE)
Newbrook Capital Advisors LP lifted its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 6.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 268,935 shares of the software company’s stock after acquiring an additional 16,001 shares during the period. Adobe Systems comprises approximately 3.0% of Newbrook Capital Advisors LP’s holdings, making the stock its 16th largest holding. Newbrook Capital Advisors LP owned about 0.05% of Adobe Systems worth $38,038,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of ADBE. Capital Advisors Ltd. LLC acquired a new stake in shares of Adobe Systems during the 2nd quarter valued at approximately $100,000. CWM LLC raised its position in shares of Adobe Systems by 11.8% during the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after acquiring an additional 79 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its position in shares of Adobe Systems by 86.2% during the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after acquiring an additional 500 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. acquired a new stake in shares of Adobe Systems during the 2nd quarter valued at approximately $141,000. Finally, Acrospire Investment Management LLC raised its position in shares of Adobe Systems by 100.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after acquiring an additional 500 shares in the last quarter. 87.51% of the stock is currently owned by institutional investors and hedge funds.
Adobe Systems Incorporated (NASDAQ ADBE) opened at 153.69 on Friday. The company’s 50-day moving average price is $151.92 and its 200 day moving average price is $143.08. Adobe Systems Incorporated has a 52 week low of $98.00 and a 52 week high of $157.89. The company has a market cap of $75.76 billion, a PE ratio of 48.31 and a beta of 0.98.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.75 earnings per share. On average, analysts anticipate that Adobe Systems Incorporated will post $4.22 EPS for the current year.
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In related news, EVP Abhay Parasnis sold 12,500 shares of the company’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $149.38, for a total value of $1,867,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $152.09, for a total value of $297,031.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,359 shares of company stock valued at $4,255,181. 0.38% of the stock is currently owned by corporate insiders.
ADBE has been the topic of several research reports. Robert W. Baird reissued an “outperform” rating and set a $160.00 price target (up from $140.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. Vetr lowered Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target on the stock. in a research report on Thursday, August 31st. Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Adobe Systems in a research report on Monday, June 26th. Moffett Nathanson initiated coverage on Adobe Systems in a research report on Wednesday, September 6th. They set a “buy” rating and a $195.00 price target on the stock. Finally, Wunderlich reissued a “buy” rating and set a $165.00 price target (up from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $158.16.
Adobe Systems 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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