FCG Advisors LLC Buys New Position in Adobe Systems Incorporated (ADBE)
FCG Advisors LLC bought a new stake in Adobe Systems Incorporated (NASDAQ:ADBE) during the first quarter, Holdings Channel reports. The institutional investor bought 2,369 shares of the software company’s stock, valued at approximately $308,000.
Other large investors have also made changes to their positions in the company. State Street Corp boosted its position in Adobe Systems by 2.6% in the fourth quarter. State Street Corp now owns 19,282,303 shares of the software company’s stock valued at $1,985,114,000 after buying an additional 492,365 shares in the last quarter. Janus Capital Management LLC boosted its position in Adobe Systems by 4.0% in the fourth quarter. Janus Capital Management LLC now owns 14,281,223 shares of the software company’s stock valued at $1,470,479,000 after buying an additional 550,041 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Adobe Systems by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock valued at $693,890,000 after buying an additional 349,088 shares in the last quarter. Lone Pine Capital LLC boosted its position in Adobe Systems by 8.9% in the fourth quarter. Lone Pine Capital LLC now owns 5,027,599 shares of the software company’s stock valued at $517,591,000 after buying an additional 409,622 shares in the last quarter. Finally, Brown Advisory Inc. boosted its position in Adobe Systems by 2.3% in the fourth quarter. Brown Advisory Inc. now owns 4,410,604 shares of the software company’s stock valued at $454,072,000 after buying an additional 100,130 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 137.84 on Friday. The company’s 50-day moving average is $138.38 and its 200-day moving average is $122.20. Adobe Systems Incorporated has a 12 month low of $90.35 and a 12 month high of $144.34. The firm has a market cap of $68.19 billion, a price-to-earnings ratio of 52.63 and a beta of 0.98. Adobe Systems also was the target of some unusual options trading activity on Thursday. Stock traders purchased 2,564 call options on the company. This represents an increase of approximately 559% compared to the average volume of 389 call options.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 16th. The software company reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.07. Adobe Systems had a net margin of 21.34% and a return on equity of 18.69%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the business earned $0.66 earnings per share. The firm’s revenue was up 21.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Systems Incorporated will post $3.95 earnings per share for the current fiscal year.
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Several research firms recently issued reports on ADBE. Morgan Stanley reissued an “equal weight” rating and set a $137.00 price target on shares of Adobe Systems in a report on Friday. Vetr cut shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price target for the company. in a report on Thursday, May 25th. Guggenheim reissued a “buy” rating and set a $155.00 price target on shares of Adobe Systems in a report on Tuesday, April 18th. Cowen and Company reissued an “outperform” rating and set a $145.00 price target (up from $140.00) on shares of Adobe Systems in a report on Friday, March 17th. Finally, Stifel Nicolaus began coverage on shares of Adobe Systems in a report on Tuesday, April 11th. They set a “buy” rating and a $150.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-six have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $140.51.
In other news, Director Charles M. Geschke sold 59,550 shares of the business’s stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $125.95, for a total transaction of $7,500,322.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Bryan Lamkin sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $130.30, for a total transaction of $2,606,000.00. Following the sale, the executive vice president now owns 52,083 shares in the company, valued at approximately $6,786,414.90. The disclosure for this sale can be found here. Insiders have sold 88,482 shares of company stock worth $11,290,058 in the last 90 days. 0.38% of the stock is owned by company 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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