BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 15,476 Shares of Adobe Systems Incorporated (ADBE)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 229,594 shares of the software company’s stock after buying an additional 15,476 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Adobe Systems were worth $32,474,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position 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 worth $4,141,250,000 after buying an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. raised its position 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 worth $438,907,000 after buying an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP bought a new position in Adobe Systems during the first quarter worth $209,666,000. Pioneer Investment Management Inc. bought a new position in Adobe Systems during the first quarter worth $201,774,000. Finally, Wellington Management Group LLP raised its position in Adobe Systems by 40.3% in the first quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock worth $521,737,000 after buying an additional 1,152,281 shares in the last quarter. Institutional investors and hedge funds own 87.53% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 155.06 on Friday. The company’s 50-day moving average price is $149.22 and its 200 day moving average price is $137.01. The company has a market cap of $76.51 billion, a price-to-earnings ratio of 54.01 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $97.87 and a 1-year high of $156.06.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. Adobe Systems’s revenue was up 26.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.71 EPS. On average, analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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A number of research analysts have recently weighed in on ADBE shares. BidaskClub lowered Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. Citigroup Inc. restated a “buy” rating and issued a $161.00 target price (up previously from $141.00) on shares of Adobe Systems in a report on Tuesday, June 13th. Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $157.24 target price on the stock in a report on Wednesday, June 7th. Canaccord Genuity restated a “buy” rating and issued a $165.00 target price (up previously from $145.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Finally, Bank of America Corporation restated a “buy” rating and issued a $184.00 target price (up previously from $160.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $152.46.
In other Adobe Systems news, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total value of $311,034.57. Following the completion of the sale, the executive vice president now owns 61,944 shares in the company, valued at approximately $8,628,179.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John E. Warnock sold 32,600 shares of the stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. Insiders sold a total of 102,239 shares of company stock valued at $14,877,475 over the last 90 days. 0.38% of the stock is currently owned by company insiders.
Adobe Systems Company 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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