Centre Asset Management LLC Boosts Stake in Adobe Systems Incorporated (NASDAQ:ADBE)
Centre Asset Management LLC increased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,860 shares of the software company’s stock after buying an additional 2,140 shares during the period. Adobe Systems accounts for about 3.2% of Centre Asset Management LLC’s investment portfolio, making the stock its 8th largest position. Centre Asset Management LLC’s holdings in Adobe Systems were worth $11,861,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Clean Yield Group bought a new position in Adobe Systems during the first quarter valued at $100,000. Washington Trust Bank increased its position in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new position in Adobe Systems during the first quarter valued at $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after buying an additional 500 shares during the last quarter. Finally, WFG Advisors LP increased its position in Adobe Systems by 10.1% in the first quarter. WFG Advisors LP now owns 1,263 shares of the software company’s stock valued at $164,000 after buying an additional 116 shares during the last quarter. 88.05% of the stock is owned by institutional investors.
Adobe Systems Incorporated (NASDAQ:ADBE) traded down 0.05% on Wednesday, hitting $147.74. The company had a trading volume of 385,688 shares. The stock has a market cap of $72.90 billion, a P/E ratio of 51.46 and a beta of 1.00. Adobe Systems Incorporated has a 12-month low of $97.87 and a 12-month high of $150.40. The firm’s 50 day moving average price is $144.91 and its 200 day moving average price is $131.74.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm’s revenue was up 26.7% compared to the same quarter last year. During the same period last year, the business posted $0.71 earnings per share. Equities analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
ADBE has been the subject of several recent research reports. Guggenheim reissued a “buy” rating and set a $155.00 price target on shares of Adobe Systems in a research report on Tuesday, April 18th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Adobe Systems in a research report on Tuesday, April 18th. Vetr raised Adobe Systems from a “hold” rating to a “buy” rating and set a $157.24 price objective for the company in a research report on Wednesday, June 7th. BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $161.00 price objective (up previously from $141.00) on shares of Adobe Systems in a research report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $153.20.
In other news, EVP Abhay Parasnis sold 12,500 shares of the firm’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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,233 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total value of $311,034.57. Following the completion of the sale, the executive vice president now directly owns 61,944 shares in the company, valued at $8,628,179.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,286 shares of company stock worth $14,591,009. 0.38% of the stock is currently 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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