Private Capital Advisors Inc. grew its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 17.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,271 shares of the software company’s stock after acquiring an additional 5,357 shares during the period. Adobe Systems comprises about 1.8% of Private Capital Advisors Inc.’s investment portfolio, making the stock its 18th biggest position. Private Capital Advisors Inc.’s holdings in Adobe Systems were worth $5,411,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in ADBE. Rockland Trust Co. purchased a new stake in shares of Adobe Systems in the second quarter worth about $700,000. Iberiabank Corp lifted its position in shares of Adobe Systems by 32.5% in the third quarter. Iberiabank Corp now owns 20,238 shares of the software company’s stock worth $5,463,000 after buying an additional 4,959 shares in the last quarter. Creative Planning lifted its position in shares of Adobe Systems by 53.5% in the second quarter. Creative Planning now owns 41,801 shares of the software company’s stock worth $10,191,000 after buying an additional 14,574 shares in the last quarter. Moneta Group Investment Advisors LLC bought a new stake in Adobe Systems during the second quarter worth approximately $546,000. Finally, Bogart Wealth LLC bought a new stake in Adobe Systems during the second quarter worth approximately $352,000. Institutional investors and hedge funds own 84.76% of the company’s stock.
In related news, EVP Ann Lewnes sold 2,940 shares of the stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $257.86, for a total value of $758,108.40. Following the transaction, the executive vice president now owns 64,437 shares of the company’s stock, valued at $16,615,724.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total value of $2,730,105.00. The disclosure for this sale can be found here. In the last three months, insiders sold 19,320 shares of company stock worth $5,031,554. 0.33% of the stock is owned by insiders.
Several equities research analysts have weighed in on the company. BidaskClub cut Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 18th. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 price objective on the stock in a research note on Tuesday, June 19th. Canaccord Genuity reissued a “buy” rating and set a $280.00 price objective (up from $245.00) on shares of Adobe Systems in a research note on Friday, June 15th. Morgan Stanley boosted their price objective on Adobe Systems from $235.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Friday, June 15th. Finally, Bank of America boosted their price objective on Adobe Systems from $278.00 to $292.00 in a research note on Friday, June 15th. Ten equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Adobe Systems currently has an average rating of “Buy” and a consensus price target of $262.03.
ADBE opened at $248.87 on Friday. The company has a market cap of $131.77 billion, a PE ratio of 69.32, a price-to-earnings-growth ratio of 2.91 and a beta of 1.08. Adobe Systems Incorporated has a one year low of $148.15 and a one year high of $277.61. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the firm posted $1.10 earnings per share. The company’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, equities research analysts predict that Adobe Systems Incorporated will post 5.65 earnings per share for the current year.
Adobe Systems Profile
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
Read More: Insider Trading – What You Need to Know
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Incorporated (NASDAQ:ADBE).
Receive News & Ratings for Adobe Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems and related companies with MarketBeat.com's FREE daily email newsletter.