Financial Counselors Inc. Buys 1,296 Shares of Adobe Systems Incorporated (ADBE)
Financial Counselors Inc. boosted its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 8.1% during the first quarter, Holdings Channel reports. The firm owned 17,346 shares of the software company’s stock after buying an additional 1,296 shares during the period. Financial Counselors Inc.’s holdings in Adobe Systems were worth $2,257,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Clean Yield Group purchased a new position in Adobe Systems during the first quarter valued at $100,000. Washington Trust Bank boosted its position in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares during the period. Signature Estate & Investment Advisors LLC purchased a new position in Adobe Systems during the first quarter valued at $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after buying an additional 500 shares during the period. Finally, WFG Advisors LP boosted its position in Adobe Systems by 10.1% in the first quarter. WFG Advisors LP now owns 1,263 shares of the software company’s stock valued at $164,000 after buying an additional 116 shares during the period. Institutional investors and hedge funds own 87.84% of the company’s stock.
Adobe Systems Incorporated (NASDAQ:ADBE) opened at 146.40 on Tuesday. Adobe Systems Incorporated has a 1-year low of $95.42 and a 1-year high of $147.45. The firm has a 50-day moving average of $140.44 and a 200-day moving average of $124.84. The stock has a market cap of $72.23 billion, a PE ratio of 50.99 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business earned $0.71 EPS. The firm’s revenue was up 26.7% compared to the same quarter last year. Analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.
Several research analysts recently weighed in on ADBE shares. Stifel Nicolaus restated a “buy” rating on shares of Adobe Systems in a report on Tuesday, April 18th. Guggenheim started coverage on shares of Adobe Systems in a report on Wednesday, April 12th. They set a “buy” rating and a $155.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and set a $155.00 price target on shares of Adobe Systems in a report on Wednesday, March 29th. UBS AG started coverage on shares of Adobe Systems in a report on Tuesday, March 28th. They set a “buy” rating on the stock. Finally, BTIG Research upgraded shares of Adobe Systems from a “neutral” rating to a “buy” rating and set a $151.00 price target on the stock in a report on Monday, March 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the stock. Adobe Systems presently has a consensus rating of “Buy” and a consensus price target of $153.18.
In other news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total transaction of $281,232.00. Following the sale, the executive vice president now owns 59,991 shares in the company, valued at $8,638,704. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Charles M. Geschke sold 25,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $145.16, for a total transaction of $3,629,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,019 shares of company stock worth $11,527,134. 0.38% of the stock is owned by company insiders.
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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