Essex Financial Services Inc. boosted its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 10.7% during the fourth quarter, Holdings Channel reports. The fund owned 8,271 shares of the software company’s stock after buying an additional 800 shares during the period. Essex Financial Services Inc.’s holdings in Adobe Systems were worth $851,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in shares of Adobe Systems by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 15,555,000 shares of the software company’s stock valued at $1,490,013,000 after buying an additional 211,475 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Adobe Systems by 7.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 14,229,808 shares of the software company’s stock valued at $1,544,503,000 after buying an additional 1,033,724 shares during the last quarter. BlackRock Fund Advisors increased its stake in Adobe Systems by 1.7% in the third quarter. BlackRock Fund Advisors now owns 7,625,121 shares of the software company’s stock valued at $827,631,000 after buying an additional 126,962 shares during the last quarter. Northern Trust Corp increased its stake in Adobe Systems by 1.5% in the third quarter. Northern Trust Corp now owns 6,524,133 shares of the software company’s stock valued at $708,129,000 after buying an additional 93,348 shares during the last quarter. Finally, BlackRock Group LTD increased its stake in Adobe Systems by 13.2% in the third quarter. BlackRock Group LTD now owns 4,879,353 shares of the software company’s stock valued at $529,605,000 after buying an additional 569,025 shares during the last quarter. Institutional investors and hedge funds own 87.25% of the company’s stock.
Adobe Systems Incorporated (NASDAQ:ADBE) opened at 117.65 on Tuesday. Adobe Systems Incorporated has a 12-month low of $75.40 and a 12-month high of $117.94. The company has a market cap of $58.13 billion, a price-to-earnings ratio of 50.71 and a beta of 1.06. The company’s 50 day moving average is $110.57 and its 200 day moving average is $105.69.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, December 15th. The software company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $1.61 billion for the quarter. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. Adobe Systems’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 EPS. Analysts forecast that Adobe Systems Incorporated will post $3.82 earnings per share for the current fiscal year.
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Several equities research analysts have recently commented on the stock. Cowen and Company reissued a “buy” rating and set a $120.00 target price on shares of Adobe Systems in a research report on Tuesday, December 13th. Zacks Investment Research raised shares of Adobe Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, December 21st. Wells Fargo & Company assumed coverage on shares of Adobe Systems in a research report on Wednesday, January 11th. They set a “market perform” rating for the company. RBC Capital Markets boosted their target price on shares of Adobe Systems from $115.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $124.00 target price on shares of Adobe Systems in a research report on Friday, December 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $116.44.
In related news, VP Richard Rowley sold 1,348 shares of Adobe Systems stock in a transaction on Friday, January 6th. The shares were sold at an average price of $108.13, for a total value of $145,759.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Garrett sold 45,199 shares of Adobe Systems stock in a transaction on Monday, February 6th. The shares were sold at an average price of $114.12, for a total transaction of $5,158,109.88. Following the completion of the sale, the chief financial officer now directly owns 6,339 shares in the company, valued at approximately $723,406.68. The disclosure for this sale can be found here. Insiders have sold a total of 402,890 shares of company stock worth $45,138,298 in the last ninety days. Corporate insiders own 0.43% 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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