Primecap Management Co. CA lowered its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,467,516 shares of the software company’s stock after selling 352,201 shares during the period. Adobe Systems comprises approximately 3.2% of Primecap Management Co. CA’s portfolio, making the stock its 6th largest position. Primecap Management Co. CA’s holdings in Adobe Systems were worth $3,574,348,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in ADBE. Clean Yield Group bought a new stake in Adobe Systems during the first quarter worth approximately $100,000. Washington Trust Bank increased its stake in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in Adobe Systems during the first quarter worth approximately $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its stake 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 worth $141,000 after buying an additional 500 shares in the last quarter. Finally, WFG Advisors LP increased its stake in Adobe Systems by 10.1% in the first quarter. WFG Advisors LP now owns 1,263 shares of the software company’s stock worth $164,000 after buying an additional 116 shares in the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 148.92 on Thursday. Adobe Systems Incorporated has a 1-year low of $95.42 and a 1-year high of $149.32. The firm’s 50-day moving average is $142.44 and its 200 day moving average is $128.70. The stock has a market capitalization of $73.48 billion, a P/E ratio of 51.87 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.71 earnings per share. On average, analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.
A number of research firms recently commented on ADBE. Bank of America Corporation reissued a “buy” rating and set a $184.00 price objective (up previously from $160.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Guggenheim began coverage on shares of Adobe Systems in a report on Wednesday, April 12th. They set a “buy” rating and a $155.00 price objective on the stock. Stifel Nicolaus began coverage on shares of Adobe Systems in a report on Tuesday, April 11th. They set a “buy” rating and a $150.00 price objective on the stock. Pivotal Research downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and boosted their price objective for the stock from $109.00 to $112.00 in a report on Monday, June 12th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $137.00 price objective on shares of Adobe Systems in a report on Friday, June 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $153.20.
In related news, Director John E. Warnock sold 32,600 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the transaction, the director now owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Daniel Rosensweig sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total transaction of $1,580,810.00. Following the transaction, the director now directly owns 8,801 shares in the company, valued at approximately $1,264,791.71. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 80,019 shares of company stock worth $11,527,134. Insiders own 0.38% of the company’s stock.
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.
Receive News & Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.
