Peregrine Asset Advisers Inc. Takes $4.30 Million Position in Adobe Systems Incorporated (ADBE)
Peregrine Asset Advisers Inc. acquired a new stake in Adobe Systems Incorporated (NASDAQ:ADBE) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 28,834 shares of the software company’s stock, valued at approximately $4,301,000. Adobe Systems accounts for 2.3% of Peregrine Asset Advisers Inc.’s investment portfolio, making the stock its 17th biggest position.
A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Aviva PLC increased its stake in shares of Adobe Systems by 0.4% during the second quarter. Aviva PLC now owns 312,394 shares of the software company’s stock worth $44,194,000 after acquiring an additional 1,250 shares during the period. Bender Robert & Associates acquired a new position in shares of Adobe Systems during the third quarter worth about $3,476,000. Arcadia Investment Management Corp MI increased its stake in shares of Adobe Systems by 6.9% during the second quarter. Arcadia Investment Management Corp MI now owns 34,547 shares of the software company’s stock worth $4,886,000 after acquiring an additional 2,242 shares during the period. BARING ASSET MANAGEMENT Ltd increased its stake in shares of Adobe Systems by 12.0% during the second quarter. BARING ASSET MANAGEMENT Ltd now owns 26,699 shares of the software company’s stock worth $3,776,000 after acquiring an additional 2,864 shares during the period. Finally, Clinton Group Inc. acquired a new position in shares of Adobe Systems during the second quarter worth about $411,000. Institutional investors own 87.21% of the company’s stock.
ADBE has been the topic of a number of recent analyst reports. Royal Bank Of Canada reiterated a “buy” rating and set a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Jefferies Group LLC initiated coverage on shares of Adobe Systems in a research note on Thursday, August 24th. They set a “buy” rating and a $175.00 price target on the stock. Bank of America Corporation boosted their price target on shares of Adobe Systems from $108.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 25th. Finally, Vetr lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target on the stock. in a research note on Thursday, August 31st. Six equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $175.43.
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In other Adobe Systems news, Director John E. Warnock sold 6,800 shares of the company’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $174.20, for a total value of $1,184,560.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at $2,802,529.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $152.09, for a total transaction of $297,031.77. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock worth $2,519,679 in the last ninety days. Insiders own 0.38% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at $182.90 on Friday. The company has a market cap of $90,159.27, a PE ratio of 55.09, a P/E/G ratio of 3.11 and a beta of 1.05. Adobe Systems Incorporated has a fifty-two week low of $98.00 and a fifty-two week high of $185.55. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.23.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The firm’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.75 earnings per share. analysts forecast that Adobe Systems Incorporated will post 3.46 EPS for the current year.
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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