Investment House LLC raised its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 108,663 shares of the software company’s stock after purchasing an additional 420 shares during the quarter. Adobe Systems accounts for approximately 3.1% of Investment House LLC’s holdings, making the stock its 6th biggest holding. Investment House LLC’s holdings in Adobe Systems were worth $29,334,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of ADBE. Signature Estate & Investment Advisors LLC purchased a new position in shares of Adobe Systems during the second quarter worth approximately $107,000. Rainier Group Investment Advisory LLC purchased a new position in shares of Adobe Systems during the first quarter worth approximately $130,000. Mount Yale Investment Advisors LLC purchased a new position in shares of Adobe Systems during the first quarter worth approximately $132,000. Centaurus Financial Inc. purchased a new position in shares of Adobe Systems during the second quarter worth approximately $170,000. Finally, Cerebellum GP LLC increased its position in shares of Adobe Systems by 55.8% during the second quarter. Cerebellum GP LLC now owns 712 shares of the software company’s stock worth $174,000 after acquiring an additional 255 shares during the period. 84.76% of the stock is currently owned by institutional investors.
In other Adobe Systems news, EVP Abhay Parasnis sold 10,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,940 shares of the firm’s stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $257.86, for a total transaction of $758,108.40. Following the completion of the sale, the executive vice president now owns 64,437 shares of the company’s stock, valued at $16,615,724.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,320 shares of company stock valued at $5,031,554. 0.33% of the stock is owned by insiders.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. Adobe Systems’s revenue was up 24.4% compared to the same quarter last year. During the same period last year, the firm earned $1.10 earnings per share. On average, sell-side analysts expect that Adobe Systems Incorporated will post 5.65 EPS for the current year.
A number of equities analysts have recently commented on ADBE shares. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 target price on the stock in a research report on Thursday, October 4th. Wells Fargo & Co increased their price objective on shares of Adobe Systems from $200.00 to $250.00 and gave the company a “market perform” rating in a research note on Friday, June 15th. Citigroup increased their price objective on shares of Adobe Systems from $260.00 to $309.00 and gave the company a “buy” rating in a research note on Friday, September 14th. Royal Bank of Canada increased their price objective on shares of Adobe Systems to $268.00 and gave the company an “outperform” rating in a research note on Monday, June 11th. They noted that the move was a valuation call. Finally, Argus increased their price objective on shares of Adobe Systems from $289.00 to $320.00 and gave the company a “buy” rating in a research note on Monday, September 17th. Ten research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $262.03.
About Adobe Systems
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.
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