Thrivent Financial For Lutherans Has $2.37 Million Stake in Adobe Systems Incorporated (ADBE)

Thrivent Financial For Lutherans raised its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 6.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,230 shares of the software company’s stock after buying an additional 1,070 shares during the period. Thrivent Financial For Lutherans’ holdings in Adobe Systems were worth $2,372,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Clean Yield Group bought a new stake in Adobe Systems during the first quarter valued at $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 valued at $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 valued at $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 valued at $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 valued at $164,000 after buying an additional 116 shares in the last quarter. Institutional investors and hedge funds own 88.14% of the company’s stock.

Shares of Adobe Systems Incorporated (ADBE) traded down 0.05% on Friday, hitting $147.71. 1,503,962 shares of the company’s stock were exchanged. The stock has a market cap of $72.88 billion, a price-to-earnings ratio of 51.45 and a beta of 1.00. The company’s 50-day moving average price is $144.12 and its 200 day moving average price is $131.39. Adobe Systems Incorporated has a 12-month low of $95.65 and a 12-month high of $150.40.

Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 earnings per share. On average, equities analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.

Several analysts have recently weighed in on ADBE shares. Vetr downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 price target for the company. in a research note on Tuesday, June 20th. Canaccord Genuity reaffirmed a “buy” rating and set a $165.00 price target (up previously from $145.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. Piper Jaffray Companies lifted their price target on shares of Adobe Systems from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, June 21st. Finally, BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $153.20.

In other Adobe Systems news, EVP Donna Morris sold 5,000 shares of Adobe Systems stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $145.00, for a total transaction of $725,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $135.86, for a total transaction of $303,375.38. Following the transaction, the executive vice president now owns 64,177 shares of the company’s stock, valued at approximately $8,719,087.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,519 shares of company stock worth $14,894,384. Insiders own 0.38% of the company’s stock.

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.