Financial Counselors Inc. Has $1.59 Million Holdings in Adobe Systems Incorporated (ADBE)
Financial Counselors Inc. decreased its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 35.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,257 shares of the software company’s stock after selling 6,089 shares during the period. Financial Counselors Inc.’s holdings in Adobe Systems were worth $1,592,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Clean Yield Group bought a new position in Adobe Systems during the first quarter valued at $100,000. Capital Advisors Ltd. LLC bought a new position in Adobe Systems during the second quarter valued at $100,000. CWM LLC increased its position in Adobe Systems by 11.8% during the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after acquiring an additional 79 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in Adobe Systems by 86.2% during 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 acquiring an additional 500 shares during the last quarter. Finally, Sumitomo Mitsui Financial Group Inc. bought a new position in Adobe Systems during the second quarter valued at $141,000. Institutional investors and hedge funds own 87.40% of the company’s stock.
Adobe Systems Incorporated (ADBE) opened at 148.50 on Friday. The firm has a market cap of $73.27 billion, a P/E ratio of 46.68 and a beta of 1.00. Adobe Systems Incorporated has a 12-month low of $98.00 and a 12-month high of $157.89. The stock’s 50 day moving average is $151.61 and its 200 day moving average is $140.16.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 earnings per share. On average, equities research analysts expect that Adobe Systems Incorporated will post $4.22 EPS for the current year.
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A number of research analysts have weighed in on ADBE shares. Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.24 price objective on the stock in a research report on Wednesday, June 7th. BMO Capital Markets reiterated an “outperform” rating and set a $160.00 price objective (up previously from $140.00) on shares of Adobe Systems in a research report on Friday, June 9th. Pivotal Research cut shares of Adobe Systems from a “hold” rating to a “sell” rating and boosted their price objective for the company from $109.00 to $112.00 in a research report on Monday, June 12th. Citigroup Inc. reiterated a “buy” rating and set a $161.00 price objective (up previously from $141.00) on shares of Adobe Systems in a research report on Tuesday, June 13th. Finally, BidaskClub cut shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $158.25.
In related news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 56,356 shares in the company, valued at $8,784,773.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles M. Geschke sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $145.16, for a total value of $3,629,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,359 shares of company stock valued at $9,449,192. 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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