Adobe Systems Inc. (ADBE) Stake Boosted by Gilder Gagnon Howe & Co. LLC
Gilder Gagnon Howe & Co. LLC raised its position in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 6.9% during the second quarter, Holdings Channel reports. The institutional investor owned 441,697 shares of the software company’s stock after buying an additional 28,356 shares during the period. Gilder Gagnon Howe & Co. LLC’s holdings in Adobe Systems were worth $42,310,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the stock. Advisory Services Network LLC increased its stake in Adobe Systems by 13.5% in the second quarter. Advisory Services Network LLC now owns 1,237 shares of the software company’s stock valued at $118,000 after buying an additional 147 shares in the last quarter. Integrated Investment Consultants LLC increased its stake in Adobe Systems by 231.4% in the second quarter. Integrated Investment Consultants LLC now owns 1,339 shares of the software company’s stock valued at $128,000 after buying an additional 935 shares in the last quarter. NEXT Financial Group Inc increased its stake in Adobe Systems by 57.0% in the second quarter. NEXT Financial Group Inc now owns 1,440 shares of the software company’s stock valued at $137,000 after buying an additional 523 shares in the last quarter. Cypress Capital Management LLC WY purchased a new stake in Adobe Systems during the second quarter valued at about $142,000. Finally, Alpha Windward LLC increased its stake in Adobe Systems by 1,019.3% in the second quarter. Alpha Windward LLC now owns 1,567 shares of the software company’s stock valued at $150,000 after buying an additional 1,427 shares in the last quarter. Institutional investors own 87.74% of the company’s stock.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded down 0.14% during trading on Wednesday, hitting $108.27. The stock had a trading volume of 427,710 shares. Adobe Systems Inc. has a one year low of $71.27 and a one year high of $110.13. The firm has a market cap of $53.83 billion, a P/E ratio of 55.24 and a beta of 1.27. The firm’s 50-day moving average is $105.08 and its 200-day moving average is $99.06.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The business had revenue of $1.46 billion for the quarter. During the same period in the previous year, the firm posted $0.54 earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Adobe Systems Inc. will post $2.97 EPS for the current year.
ADBE has been the topic of several research analyst reports. Vetr downgraded Adobe Systems from a “hold” rating to a “sell” rating and set a $102.96 price objective on the stock. in a report on Wednesday, September 21st. Credit Suisse Group AG reiterated a “neutral” rating and issued a $105.00 price objective on shares of Adobe Systems in a report on Wednesday, June 22nd. Goldman Sachs Group Inc. boosted their price objective 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 reiterated a “buy” rating and issued a $110.00 price objective on shares of Adobe Systems in a report on Wednesday, June 22nd. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $114.00 target price (up from $113.00) on shares of Adobe Systems in a research note on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $111.88.
In related news, EVP Michael A. Dillon sold 13,331 shares of Adobe Systems stock in a transaction dated Monday, October 10th. The stock was sold at an average price of $109.64, for a total value of $1,461,610.84. Following the completion of the transaction, the executive vice president now directly owns 30,993 shares in the company, valued at $3,398,072.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James E. Daley sold 6,276 shares of Adobe Systems stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $108.00, for a total value of $677,808.00. Following the completion of the transaction, the director now owns 34,362 shares of the company’s stock, valued at $3,711,096. The disclosure for this sale can be found here. 0.43% of the stock is 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.
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Inc. (NASDAQ:ADBE).
Receive News & Ratings for Adobe Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.