Adobe Systems Incorporated (ADBE) Stake Decreased by Oppenheimer Asset Management Inc.
Oppenheimer Asset Management Inc. lowered its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 7.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,931 shares of the software company’s stock after selling 6,869 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Adobe Systems were worth $11,925,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Aviva PLC grew its position in shares of Adobe Systems by 0.4% during the second quarter. Aviva PLC now owns 312,394 shares of the software company’s stock worth $44,194,000 after buying an additional 1,250 shares in the last quarter. Bender Robert & Associates acquired a new stake in shares of Adobe Systems during the third quarter worth approximately $3,476,000. Arcadia Investment Management Corp MI grew its position in shares of Adobe Systems by 6.9% during the second quarter. Arcadia Investment Management Corp MI now owns 34,547 shares of the software company’s stock worth $4,886,000 after buying an additional 2,242 shares in the last quarter. BARING ASSET MANAGEMENT Ltd grew its position in shares of Adobe Systems by 12.0% during the second quarter. BARING ASSET MANAGEMENT Ltd now owns 26,699 shares of the software company’s stock worth $3,776,000 after buying an additional 2,864 shares in the last quarter. Finally, Clinton Group Inc. acquired a new stake in shares of Adobe Systems during the second quarter worth approximately $411,000. 87.45% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on ADBE. KeyCorp reissued an “overweight” rating and set a $216.00 price target (up previously from $178.00) on shares of Adobe Systems in a research report on Wednesday, November 22nd. UBS began coverage on shares of Adobe Systems in a research report on Thursday, November 9th. They set a “buy” rating and a $217.00 price target for the company. Zacks Investment Research cut Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 21st. Stifel Nicolaus raised their price objective on Adobe Systems from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, November 10th. Finally, Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $190.64 price objective on the stock in a research note on Monday, November 13th. Five research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $176.50.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at $173.52 on Thursday. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $82,587.66, a price-to-earnings ratio of 50.46, a price-to-earnings-growth ratio of 2.12 and a beta of 1.05. Adobe Systems Incorporated has a one year low of $100.89 and a one year high of $186.27.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion for 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 quarterly revenue was up 25.8% compared to the same quarter last year. During the same period last year, the business posted $0.75 earnings per share. equities research analysts anticipate that Adobe Systems Incorporated will post 3.46 EPS for the current fiscal year.
In other news, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $181.19, for a total transaction of $353,864.07. Following the transaction, the executive vice president now directly owns 52,450 shares of the company’s stock, valued at $9,503,415.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Matthew Thompson sold 2,190 shares of the firm’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $173.42, for a total value of $379,789.80. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock worth $2,519,679 over the last quarter. 0.38% of the stock is currently owned by company insiders.
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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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