Adobe Systems Incorporated (ADBE) Shares Bought by Night Owl Capital Management LLC
Night Owl Capital Management LLC raised its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,346 shares of the software company’s stock after purchasing an additional 242 shares during the quarter. Adobe Systems makes up about 3.1% of Night Owl Capital Management LLC’s investment portfolio, making the stock its 13th largest position. Night Owl Capital Management LLC’s holdings in Adobe Systems were worth $8,374,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Rockland Trust Co. acquired a new stake in shares of Adobe Systems in the 2nd quarter valued at $700,000. Creative Planning increased its stake in shares of Adobe Systems by 53.5% in the 2nd quarter. Creative Planning now owns 41,801 shares of the software company’s stock valued at $10,191,000 after buying an additional 14,574 shares during the period. Bogart Wealth LLC acquired a new stake in shares of Adobe Systems in the 2nd quarter valued at $352,000. TCI Wealth Advisors Inc. increased its stake in shares of Adobe Systems by 207.1% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 1,044 shares of the software company’s stock valued at $255,000 after buying an additional 704 shares during the period. Finally, Excalibur Management Corp acquired a new stake in shares of Adobe Systems in the 2nd quarter valued at $217,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.
Several research firms have recently commented on ADBE. Barclays lifted their target price on Adobe Systems to $297.00 and gave the company an “overweight” rating in a research note on Wednesday. KeyCorp reaffirmed a “buy” rating and set a $286.00 price objective (up from $276.00) on shares of Adobe Systems in a research note on Friday. Stifel Nicolaus lifted their price objective on Adobe Systems from $275.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday. Pivotal Research lifted their price objective on Adobe Systems from $235.00 to $254.00 and gave the stock a “hold” rating in a research note on Friday. Finally, BMO Capital Markets lifted their price objective on Adobe Systems from $278.00 to $295.00 and gave the stock an “outperform” rating in a research note on Friday. Nine research 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. Adobe Systems presently has an average rating of “Buy” and an average price target of $250.25.
NASDAQ:ADBE opened at $268.52 on Friday. Adobe Systems Incorporated has a 1 year low of $143.95 and a 1 year high of $270.94. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $131.13 billion, a price-to-earnings ratio of 74.80, a price-to-earnings-growth ratio of 2.91 and a beta of 1.11.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The company’s revenue was up 24.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.10 earnings per share. equities research analysts anticipate that Adobe Systems Incorporated will post 5.61 earnings per share for the current year.
Adobe Systems announced that its Board of Directors has approved a share repurchase plan on Monday, May 21st that permits the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Adobe Systems Company 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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