Smith Asset Management Group LP bought a new position in shares of Adobe Systems Inc. (NASDAQ:ADBE) during the second quarter, Holdings Channel reports. The firm bought 816,116 shares of the software company’s stock, valued at approximately $78,175,000. Adobe Systems makes up about 2.3% of Smith Asset Management Group LP’s investment portfolio, making the stock its 4th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. National Pension Service raised its position in Adobe Systems by 4.3% in the first quarter. National Pension Service now owns 273,210 shares of the software company’s stock worth $25,627,000 after buying an additional 11,220 shares in the last quarter. AMP Capital Investors Ltd raised its position in Adobe Systems by 16.1% in the first quarter. AMP Capital Investors Ltd now owns 328,285 shares of the software company’s stock worth $30,786,000 after buying an additional 45,577 shares in the last quarter. Nordea Investment Management AB raised its position in Adobe Systems by 5.5% in the second quarter. Nordea Investment Management AB now owns 45,538 shares of the software company’s stock worth $4,362,000 after buying an additional 2,370 shares in the last quarter. EP Wealth Advisors Inc. raised its position in Adobe Systems by 0.9% in the first quarter. EP Wealth Advisors Inc. now owns 5,074 shares of the software company’s stock worth $476,000 after buying an additional 44 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new position in Adobe Systems during the first quarter worth $660,000. Institutional investors own 87.53% of the company’s stock.

Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.13% on Thursday, hitting $107.92. The company’s stock had a trading volume of 3,960,346 shares. Adobe Systems Inc. has a 12 month low of $71.27 and a 12 month high of $108.50. The firm has a 50 day moving average of $101.10 and a 200 day moving average of $96.66. The firm has a market cap of $53.78 billion, a price-to-earnings ratio of 60.97 and a beta of 1.24.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Adobe Systems had a return on equity of 15.12% and a net margin of 17.86%. The firm had revenue of $1.46 billion for the quarter. During the same period in the prior year, the company earned $0.54 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Adobe Systems Inc. will post $2.96 earnings per share for the current fiscal year.

ADBE has been the topic of a number of recent research reports. Vetr upgraded Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 target price on the stock in a report on Thursday, September 8th. Robert W. Baird raised Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Thursday, August 25th. Cowen and Company increased their price target on Adobe Systems to $115.00 and gave the company an “outperform” rating in a research report on Friday, September 16th. Royal Bank Of Canada increased their price target on Adobe Systems from $115.00 to $116.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Credit Suisse Group AG increased their price target on Adobe Systems from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, June 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $110.17.

In other news, CMO Ann Lewnes sold 4,000 shares of the stock in a transaction on Friday, June 24th. The stock was sold at an average price of $92.39, for a total transaction of $369,560.00. Following the sale, the chief marketing officer now directly owns 46,828 shares of the company’s stock, valued at approximately $4,326,438.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Garrett sold 26,899 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $103.47, for a total value of $2,783,239.53. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

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.

5 Day Chart for NASDAQ:ADBE

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