Pinnacle Associates Ltd. Increases Holdings in Adobe Systems Incorporated (ADBE)
Pinnacle Associates Ltd. raised its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 61.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 48,632 shares of the software company’s stock after buying an additional 18,444 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Adobe Systems were worth $6,879,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after purchasing an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of Adobe Systems by 92.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock worth $438,907,000 after purchasing an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP bought a new stake in shares of Adobe Systems in the first quarter worth $209,666,000. Pioneer Investment Management Inc. bought a new stake in shares of Adobe Systems in the first quarter worth $201,774,000. Finally, Wellington Management Group LLP lifted its position in shares of Adobe Systems by 40.3% in the first quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock worth $521,737,000 after purchasing an additional 1,152,281 shares in the last quarter. 87.53% of the stock is currently owned by hedge funds and other institutional investors.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the transaction, the executive vice president now owns 56,356 shares of the company’s stock, valued at approximately $8,784,773.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Donna Morris sold 5,000 shares of Adobe Systems stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $145.00, for a total value of $725,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 101,959 shares of company stock valued at $14,870,874 in the last ninety days. Insiders own 0.38% of the company’s stock.
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ADBE has been the topic of a number of research reports. Vetr lowered shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 price objective on the stock. in a research report on Tuesday, June 20th. Canaccord Genuity reissued a “buy” rating and issued a $165.00 price objective (up previously from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Royal Bank Of Canada reissued a “buy” rating and issued a $157.00 price objective on shares of Adobe Systems in a research report on Monday, July 31st. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research report on Tuesday, September 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $154.08.
Shares of Adobe Systems Incorporated (ADBE) opened at 154.49 on Friday. The company has a market cap of $76.23 billion, a PE ratio of 53.81 and a beta of 1.00. The company’s 50-day moving average is $151.06 and its 200 day moving average is $139.34. Adobe Systems Incorporated has a 52-week low of $98.00 and a 52-week high of $157.89.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the 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 analyst estimates of $1.73 billion. During the same quarter last year, the firm posted $0.71 EPS. The firm’s revenue for the quarter was up 26.7% on a year-over-year basis. On average, analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current year.
Adobe Systems Profile
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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