Worldquant Millennium Quantitative Strategies LLC Takes Position in Adobe Systems Incorporated (ADBE)
Worldquant Millennium Quantitative Strategies LLC purchased a new stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 115,029 shares of the software company’s stock, valued at approximately $28,045,000. Adobe Systems comprises about 1.1% of Worldquant Millennium Quantitative Strategies LLC’s investment portfolio, making the stock its 20th largest holding.
Other large investors have also recently modified their holdings of the company. Signature Estate & Investment Advisors LLC bought a new position in Adobe Systems during the 2nd quarter valued at about $107,000. Rainier Group Investment Advisory LLC bought a new position in Adobe Systems during the 1st quarter valued at about $130,000. Mount Yale Investment Advisors LLC bought a new position in Adobe Systems during the 1st quarter valued at about $132,000. Bruderman Asset Management LLC bought a new position in Adobe Systems during the 1st quarter valued at about $149,000. Finally, Centaurus Financial Inc. bought a new position in Adobe Systems during the 2nd quarter valued at about $170,000. Institutional investors own 84.85% of the company’s stock.
In related news, EVP Ann Lewnes sold 2,939 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total transaction of $745,918.20. Following the completion of the sale, the executive vice president now owns 61,498 shares of the company’s stock, valued at $15,608,192.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Abhay Parasnis sold 10,500 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total transaction of $2,730,105.00. The disclosure for this sale can be found here. Insiders sold a total of 25,324 shares of company stock valued at $6,511,829 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 14th. The software company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.12. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The company’s revenue was up 23.9% compared to the same quarter last year. equities analysts expect that Adobe Systems Incorporated will post 5.61 EPS for the current year.
Adobe Systems announced that its board has approved a share buyback plan on Monday, May 21st that permits the company to buyback $8.00 billion in shares. This buyback authorization permits the software company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
ADBE has been the topic of several analyst reports. Bank of America upped their price target on shares of Adobe Systems from $278.00 to $292.00 in a report on Friday, June 15th. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Monday, June 18th. Robert W. Baird upped their price target on shares of Adobe Systems from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd. Stifel Nicolaus upped their price target on shares of Adobe Systems from $250.00 to $275.00 and gave the company a “buy” rating in a report on Friday, June 15th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $280.00 price target (up from $245.00) on shares of Adobe Systems in a report on Friday, June 15th. Nine analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $244.68.
Adobe Systems Profile
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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