Frontier Wealth Management LLC Increases Position in Adobe Systems Incorporated (ADBE)
Frontier Wealth Management LLC increased its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,476 shares of the software company’s stock after acquiring an additional 100 shares during the quarter. Frontier Wealth Management LLC’s holdings in Adobe Systems were worth $350,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Capital Advisors Ltd. LLC bought a new position in Adobe Systems during the second quarter worth $100,000. CWM LLC increased its position in Adobe Systems by 11.8% during the second quarter. CWM LLC now owns 748 shares of the software company’s stock worth $106,000 after acquiring an additional 79 shares during the period. Sumitomo Mitsui Financial Group Inc. bought a new position in Adobe Systems during the second quarter worth $141,000. Acrospire Investment Management LLC increased its position in Adobe Systems by 100.0% during the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock worth $141,000 after acquiring an additional 500 shares during the period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in Adobe Systems by 86.2% during the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after acquiring an additional 500 shares during the period. 87.43% of the stock is currently owned by institutional investors and hedge funds.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 151.12 on Friday. The firm’s 50-day moving average price is $151.62 and its 200 day moving average price is $142.33. The company has a market capitalization of $74.49 billion, a PE ratio of 47.51 and a beta of 0.98. Adobe Systems Incorporated has a one year low of $98.00 and a one year high of $157.89.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. Analysts anticipate that Adobe Systems Incorporated will post $4.22 earnings per share for the current year.
In other news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the sale, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at $8,784,773.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. Insiders have sold 53,359 shares of company stock worth $7,868,382 over the last three months. Insiders own 0.38% of the company’s stock.
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ADBE has been the topic of a number of research reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $160.00 target price (up previously from $140.00) on shares of Adobe Systems in a research report on Friday, June 9th. Pivotal Research lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and boosted their target price for the stock from $109.00 to $112.00 in a research report on Monday, June 12th. Citigroup Inc. reaffirmed a “buy” rating and set a $161.00 target price (up previously from $141.00) on shares of Adobe Systems in a research report on Tuesday, June 13th. BidaskClub lowered shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $137.00 target price on shares of Adobe Systems in a research report on Friday, June 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $158.16.
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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