Adobe Systems Incorporated (ADBE) Position Boosted by Meeder Asset Management Inc.
Meeder Asset Management Inc. boosted its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 964.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,124 shares of the software company’s stock after buying an additional 30,919 shares during the period. Meeder Asset Management Inc.’s holdings in Adobe Systems were worth $4,827,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in ADBE. Hartwell J M Limited Partnership bought a new position in shares of Adobe Systems during the first quarter worth approximately $669,000. Washington Trust Bank increased its position in shares of Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares during the last quarter. Telemus Capital LLC increased its position in shares of Adobe Systems by 1,097.2% in the first quarter. Telemus Capital LLC now owns 26,375 shares of the software company’s stock worth $3,432,000 after buying an additional 24,172 shares during the last quarter. Gateway Investment Advisers LLC increased its position in shares of Adobe Systems by 0.4% in the first quarter. Gateway Investment Advisers LLC now owns 444,304 shares of the software company’s stock worth $57,817,000 after buying an additional 1,866 shares during the last quarter. Finally, Private Wealth Partners LLC increased its position in shares of Adobe Systems by 579.1% in the first quarter. Private Wealth Partners LLC now owns 17,928 shares of the software company’s stock worth $2,333,000 after buying an additional 15,288 shares during the last quarter. Institutional investors and hedge funds own 87.64% of the company’s stock.
Adobe Systems Incorporated (ADBE) traded down 1.32% during trading on Thursday, reaching $149.79. 728,454 shares of the company traded hands. The company’s 50-day moving average is $146.27 and its 200 day moving average is $134.01. The company has a market cap of $73.91 billion, a PE ratio of 52.17 and a beta of 1.00. Adobe Systems Incorporated has a 12 month low of $97.87 and a 12 month high of $151.99.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Zacks’ 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 the consensus estimate of $1.73 billion. During the same quarter last year, the firm earned $0.71 earnings per share. The company’s revenue was up 26.7% on a year-over-year basis. On average, analysts anticipate that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
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A number of brokerages recently commented on ADBE. BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Vetr raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price objective on the stock in a research report on Tuesday, July 18th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 price objective on shares of Adobe Systems in a research report on Monday, July 31st. KeyCorp reaffirmed a “buy” rating on shares of Adobe Systems in a research report on Sunday, June 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Adobe Systems in a research report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. Adobe Systems currently has an average rating of “Buy” and a consensus price target of $154.20.
In related news, CMO Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 32,600 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. Insiders have sold 102,239 shares of company stock valued at $14,877,475 in the last three months. 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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