Sequoia Financial Advisors LLC Maintains Position in Adobe Systems Inc. (ADBE)
Sequoia Financial Advisors LLC held its position in Adobe Systems Inc. (NASDAQ:ADBE) during the second quarter, Holdings Channel reports. The firm owned 2,246 shares of the software company’s stock at the end of the second quarter. Sequoia Financial Advisors LLC’s holdings in Adobe Systems were worth $215,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. NN Investment Partners Holdings N.V. acquired a new position in Adobe Systems during the first quarter valued at $1,797,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Adobe Systems during the first quarter valued at approximately $266,000. 1832 Asset Management L.P. boosted its position in Adobe Systems by 3.2% in the first quarter. 1832 Asset Management L.P. now owns 998,800 shares of the software company’s stock valued at $153,260,000 after buying an additional 30,700 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Adobe Systems by 1.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,096 shares of the software company’s stock valued at $14,454,000 after buying an additional 2,516 shares during the period. Finally, Cupps Capital Management LLC boosted its position in Adobe Systems by 41.7% in the first quarter. Cupps Capital Management LLC now owns 5,033 shares of the software company’s stock valued at $472,000 after buying an additional 1,481 shares during the period. 87.72% of the stock is owned by institutional investors and hedge funds.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded down 0.16% during trading on Friday, hitting $107.84. The stock had a trading volume of 1,968,363 shares. The company has a market capitalization of $53.62 billion, a P/E ratio of 55.02 and a beta of 1.27. Adobe Systems Inc. has a 1-year low of $71.27 and a 1-year high of $110.13. The firm has a 50-day moving average of $104.83 and a 200 day moving average of $98.82.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The company had revenue of $1.46 billion for the quarter. During the same period in the prior year, the firm earned $0.54 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts predict that Adobe Systems Inc. will post $2.97 earnings per share for the current fiscal year.
Several equities analysts have commented on ADBE shares. Vetr cut Adobe Systems from a “hold” rating to a “sell” rating and set a $102.96 price target for the company. in a report on Wednesday, September 21st. Credit Suisse Group AG reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Adobe Systems in a report on Wednesday, June 22nd. Goldman Sachs Group Inc. upped their price target on Adobe Systems from $104.00 to $112.00 and gave the company a “neutral” rating in a report on Wednesday, September 21st. Canaccord Genuity reaffirmed a “buy” rating and issued a $110.00 price target on shares of Adobe Systems in a report on Wednesday, June 22nd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $114.00 price target (up previously from $113.00) on shares of Adobe Systems in a report on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $111.88.
In related news, Chairman John E. Warnock sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $98.51, for a total value of $197,020.00. Following the transaction, the chairman now owns 16,088 shares in the company, valued at $1,584,828.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Donna Morris sold 2,335 shares of the business’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $100.00, for a total transaction of $233,500.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
About Adobe Systems
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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