Principal Financial Group Inc. increased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 721,395 shares of the software company’s stock after buying an additional 9,501 shares during the period. Principal Financial Group Inc.’s holdings in Adobe Systems were worth $93,875,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in ADBE. Perigon Wealth Management LLC increased its stake in Adobe Systems by 1.0% in the fourth quarter. Perigon Wealth Management LLC now owns 2,959 shares of the software company’s stock valued at $355,000 after buying an additional 29 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in Adobe Systems by 30.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,753,727 shares of the software company’s stock valued at $180,547,000 after buying an additional 409,635 shares during the last quarter. Dodge & Cox bought a new stake in Adobe Systems during the fourth quarter valued at $19,016,000. Israel Discount Bank of New York GFN bought a new stake in Adobe Systems during the fourth quarter valued at $152,000. Finally, Aristotle Capital Management LLC increased its stake in Adobe Systems by 2.8% in the fourth quarter. Aristotle Capital Management LLC now owns 3,080,044 shares of the software company’s stock valued at $317,091,000 after buying an additional 84,555 shares during the last quarter. 87.58% of the stock is owned by institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 142.22 on Monday. The company has a market capitalization of $70.17 billion, a P/E ratio of 49.54 and a beta of 1.00. The firm has a 50-day moving average of $140.44 and a 200 day moving average of $124.84. Adobe Systems Incorporated has a 52-week low of $95.34 and a 52-week high of $147.45.
Adobe Systems (NASDAQ:ADBE) last posted 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. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the company earned $0.71 earnings per share. The firm’s revenue was up 26.7% compared to the same quarter last year. On average, analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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Several equities research analysts have recently weighed in on the stock. BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 24th. KeyCorp reaffirmed a “buy” rating on shares of Adobe Systems in a report on Sunday, June 25th. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. JMP Securities reaffirmed an “outperform” rating and issued a $152.00 price target (up from $138.00) on shares of Adobe Systems in a report on Thursday, June 22nd. Finally, Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price target for the company in a report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $154.01.
In related news, EVP Ann Lewnes sold 2,233 shares of the firm’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $135.86, for a total value of $303,375.38. Following the completion of the transaction, the executive vice president now directly owns 64,177 shares of the company’s stock, valued at $8,719,087.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Donna Morris sold 5,000 shares of the firm’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $145.00, for a total transaction of $725,000.00. The disclosure for this sale can be found here. Insiders sold 55,299 shares of company stock valued at $7,907,103 over the last three months. 0.38% of the stock is owned by company 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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