Riverhead Capital Management LLC Has $14.89 Million Position in Adobe Systems Incorporated (ADBE)
Riverhead Capital Management LLC lifted its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 23.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 105,242 shares of the software company’s stock after purchasing an additional 19,748 shares during the quarter. Adobe Systems accounts for about 0.7% of Riverhead Capital Management LLC’s holdings, making the stock its 16th largest position. Riverhead Capital Management LLC’s holdings in Adobe Systems were worth $14,886,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in ADBE. Waldron LP raised its stake in shares of Adobe Systems by 96.9% during the 1st quarter. Waldron LP now owns 5,487 shares of the software company’s stock valued at $689,000 after purchasing an additional 2,701 shares during the period. Advisors Preferred LLC bought a new stake in shares of Adobe Systems during the 1st quarter valued at $265,000. Tradewinds Capital Management LLC raised its stake in shares of Adobe Systems by 1.1% during the 1st quarter. Tradewinds Capital Management LLC now owns 9,705 shares of the software company’s stock valued at $1,263,000 after purchasing an additional 105 shares during the period. CLS Investments LLC bought a new stake in shares of Adobe Systems during the 1st quarter valued at $1,627,000. Finally, Clean Yield Group bought a new stake in shares of Adobe Systems during the 1st quarter valued at $100,000. Institutional investors own 87.40% of the company’s stock.
A number of analysts recently issued reports on the company. Bank of America Corporation reiterated a “buy” rating and set a $184.00 price objective (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Credit Suisse Group reiterated a “positive” rating and set a $170.00 price objective (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, September 20th. Robert W. Baird reiterated a “buy” rating and set a $160.00 price objective on shares of Adobe Systems in a research note on Friday, September 1st. Pivotal Research lowered 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 note on Monday, June 12th. Finally, Zacks Investment Research lowered Adobe Systems from a “hold” rating to a “sell” rating in a research note on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Adobe Systems currently has an average rating of “Buy” and an average price target of $158.25.
Adobe Systems Incorporated (ADBE) opened at 148.50 on Monday. The company has a market cap of $73.27 billion, a price-to-earnings ratio of 46.68 and a beta of 1.00. The firm’s 50-day moving average price is $151.61 and its 200-day moving average price is $140.16. Adobe Systems Incorporated has a 52-week low of $98.00 and a 52-week high of $157.89.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter last year, the business posted $0.75 earnings per share. The firm’s revenue was up 25.8% on a year-over-year basis. On average, equities analysts anticipate that Adobe Systems Incorporated will post $4.22 EPS for the current year.
In other Adobe Systems news, EVP Abhay Parasnis sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $149.38, for a total transaction of $1,867,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel Rosensweig sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total value of $1,580,810.00. Following the transaction, the director now owns 8,801 shares of the company’s stock, valued at approximately $1,264,791.71. The disclosure for this sale can be found here. Insiders have sold 64,359 shares of company stock valued at $9,449,192 in the last 90 days. 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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