Adobe Systems Incorporated (ADBE) Position Increased by Lazard Asset Management LLC
Lazard Asset Management LLC boosted its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 31.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,828 shares of the software company’s stock after acquiring an additional 33,139 shares during the period. Lazard Asset Management LLC’s holdings in Adobe Systems were worth $19,777,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of ADBE. BlackRock Inc. raised its holdings in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after acquiring an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in Adobe Systems by 92.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock valued at $438,907,000 after acquiring an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP acquired a new stake in Adobe Systems in the first quarter valued at $209,666,000. Pioneer Investment Management Inc. acquired a new stake in Adobe Systems in the first quarter valued at $201,774,000. Finally, Polen Capital Management LLC raised its holdings in Adobe Systems by 31.5% in the second quarter. Polen Capital Management LLC now owns 6,062,530 shares of the software company’s stock valued at $857,484,000 after acquiring an additional 1,452,892 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 149.18 on Friday. The firm has a 50-day moving average of $151.61 and a 200-day moving average of $140.16. Adobe Systems Incorporated has a one year low of $98.00 and a one year high of $157.89. The firm has a market capitalization of $73.61 billion, a P/E ratio of 46.90 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.75 EPS. On average, equities analysts predict that Adobe Systems Incorporated will post $4.22 earnings per share for the current fiscal year.
In other news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares in the company, valued at approximately $8,784,773.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles M. Geschke sold 25,000 shares of the company’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $145.16, for a total value of $3,629,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 53,359 shares of company stock valued at $7,868,382. Corporate insiders own 0.38% of the company’s stock.
Several analysts recently issued reports on ADBE shares. Vetr raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.24 price target on the stock in a report on Wednesday, June 7th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $160.00 price target (up from $140.00) on shares of Adobe Systems in a report on Friday, June 9th. Pivotal Research cut shares of Adobe Systems from a “hold” rating to a “sell” rating and upped their price target for the company from $109.00 to $112.00 in a report on Monday, June 12th. Citigroup Inc. reaffirmed a “buy” rating and issued a $161.00 price target (up from $141.00) on shares of Adobe Systems in a report on Tuesday, June 13th. Finally, BidaskClub cut shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $158.25.
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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