Creative Planning Has $3.42 Million Position in Adobe Systems Incorporated (ADBE)
Creative Planning boosted its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 10.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 24,159 shares of the software company’s stock after buying an additional 2,318 shares during the period. Creative Planning’s holdings in Adobe Systems were worth $3,417,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. BTIM Corp. raised its position in shares of Adobe Systems by 2.5% in the first quarter. BTIM Corp. now owns 6,698 shares of the software company’s stock valued at $872,000 after buying an additional 162 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of 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. Morgan Stanley raised its position in shares of Adobe Systems by 52.2% in the first quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock valued at $211,367,000 after buying an additional 557,169 shares in the last quarter. Gofen & Glossberg LLC IL raised its position in shares of Adobe Systems by 2.7% in the first quarter. Gofen & Glossberg LLC IL now owns 25,943 shares of the software company’s stock valued at $3,376,000 after buying an additional 673 shares in the last quarter. Finally, Israel Discount Bank of New York bought a new position in shares of Adobe Systems during the first quarter valued at approximately $189,000. 87.64% of the stock is currently owned by hedge funds and other institutional investors.
Adobe Systems Incorporated (NASDAQ:ADBE) traded up 0.48% during midday trading on Tuesday, reaching $149.88. The company’s stock had a trading volume of 379,568 shares. The company’s 50-day moving average price is $145.85 and its 200-day moving average price is $133.62. Adobe Systems Incorporated has a 1-year low of $97.87 and a 1-year high of $150.40. The company has a market capitalization of $73.95 billion, a price-to-earnings ratio of 52.20 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the business posted $0.71 earnings per share. The company’s revenue for the quarter was up 26.7% compared to the same quarter last year. On average, analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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Several brokerages have commented on ADBE. Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price target on the stock in a research note on Tuesday, July 18th. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 24th. KeyCorp reiterated a “buy” rating on shares of Adobe Systems in a research note on Sunday, June 25th. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Adobe Systems in a research note on Monday, June 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company’s stock. Adobe Systems currently has an average rating of “Buy” and an average price target of $154.20.
In other news, CMO Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total value of $286,466.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Abhay Parasnis sold 12,500 shares of the stock in a transaction on Friday, July 21st. The stock was sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. In the last three months, insiders sold 102,239 shares of company stock valued at $14,877,475. Company insiders own 0.38% of the company’s stock.
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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