RB Capital Management LLC Has $673,000 Stake in Adobe Systems Incorporated (ADBE)
RB Capital Management LLC held its position in Adobe Systems Incorporated (NASDAQ:ADBE) during the second quarter, Holdings Channel reports. The fund owned 4,761 shares of the software company’s stock at the end of the second quarter. RB Capital Management LLC’s holdings in Adobe Systems were worth $673,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Murphy Capital Management Inc. acquired a new position in Adobe Systems during the first quarter valued at $244,000. BTIM Corp. increased its position in Adobe Systems by 2.5% in the first quarter. BTIM Corp. now owns 6,698 shares of the software company’s stock valued at $872,000 after buying an additional 162 shares during the last quarter. Ameriprise Financial Inc. increased its position in Adobe Systems by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock valued at $693,890,000 after buying an additional 349,088 shares during the last quarter. Regentatlantic Capital LLC increased its position in Adobe Systems by 3.4% in the first quarter. Regentatlantic Capital LLC now owns 12,463 shares of the software company’s stock valued at $1,622,000 after buying an additional 404 shares during the last quarter. Finally, Morgan Stanley increased its position in Adobe Systems by 52.2% in the first quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock valued at $211,367,000 after buying an additional 557,169 shares during the last quarter. Hedge funds and other institutional investors own 88.05% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded up 1.12% during midday trading on Friday, hitting $146.54. 598,635 shares of the stock were exchanged. The stock has a market cap of $72.30 billion, a P/E ratio of 51.04 and a beta of 1.00. The firm’s 50 day moving average price is $145.66 and its 200-day moving average price is $132.82. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $150.40.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm’s revenue was up 26.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 EPS. On average, equities research analysts expect that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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Several analysts have recently issued reports on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $137.00 target price on shares of Adobe Systems in a research note on Friday, June 16th. Royal Bank Of Canada upped their target price on shares of Adobe Systems from $135.00 to $157.00 and gave the stock an “outperform” rating in a research note on Thursday, May 25th. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 24th. BMO Capital Markets reiterated an “outperform” rating and issued a $160.00 target price (up previously from $140.00) on shares of Adobe Systems in a research note on Friday, June 9th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $150.00 target price on shares of Adobe Systems in a research note on Tuesday, June 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $154.20.
In related news, Director John E. Warnock sold 32,600 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the transaction, the director now directly owns 16,088 shares in the company, valued at approximately $2,317,798.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Ann Lewnes sold 1,953 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total value of $286,466.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is currently owned by corporate 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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