Quantitative Investment Management LLC raised its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 33.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 128,800 shares of the software company’s stock after buying an additional 32,100 shares during the period. Quantitative Investment Management LLC’s holdings in Adobe Systems were worth $13,979,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of ADBE. TCI Wealth Advisors Inc. raised its position in shares of Adobe Systems by 11.1% in the third quarter. TCI Wealth Advisors Inc. now owns 1,104 shares of the software company’s stock valued at $120,000 after buying an additional 110 shares during the period. Clean Yield Group raised its position in shares of Adobe Systems by 32.9% in the third quarter. Clean Yield Group now owns 1,130 shares of the software company’s stock valued at $123,000 after buying an additional 280 shares during the period. WFG Advisors LP raised its position in shares of Adobe Systems by 27.3% in the second quarter. WFG Advisors LP now owns 1,147 shares of the software company’s stock valued at $110,000 after buying an additional 246 shares during the period. Advisory Services Network LLC raised its position in shares of Adobe Systems by 13.5% in the second quarter. Advisory Services Network LLC now owns 1,237 shares of the software company’s stock valued at $118,000 after buying an additional 147 shares during the period. Finally, Cypress Capital Management LLC WY acquired a new position in shares of Adobe Systems during the second quarter valued at about $142,000. 87.33% of the stock is currently owned by hedge funds and other institutional investors.
Adobe Systems Incorporated (NASDAQ:ADBE) traded up 0.084% during trading on Wednesday, reaching $113.815. The company had a trading volume of 519,011 shares. The company has a market capitalization of $56.23 billion, a PE ratio of 49.058 and a beta of 1.07. Adobe Systems Incorporated has a one year low of $71.27 and a one year high of $114.57. The firm’s 50 day moving average is $106.27 and its 200 day moving average is $103.95.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, December 15th. The software company reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.04. Adobe Systems had a return on equity of 17.23% and a net margin of 19.96%. The business earned $1.61 billion during the quarter. During the same period in the prior year, the firm posted $0.62 EPS. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities research analysts predict that Adobe Systems Incorporated will post $3.82 earnings per share for the current year.
Several equities analysts have issued reports on the company. Cowen and Company reissued a “buy” rating and issued a $120.00 price target on shares of Adobe Systems in a research note on Tuesday, December 13th. Wells Fargo & Company began coverage on Adobe Systems in a research report on Wednesday, January 11th. They set a “market perform” rating on the stock. Zacks Investment Research raised Adobe Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, December 21st. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $124.00 target price on shares of Adobe Systems in a research report on Friday, December 16th. Finally, BMO Capital Markets began coverage on Adobe Systems in a research report on Thursday, January 5th. They set an “outperform” rating and a $125.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Adobe Systems has an average rating of “Buy” and a consensus price target of $115.65.
In other news, VP Richard Rowley sold 1,348 shares of the company’s stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $108.13, for a total value of $145,759.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John E. Warnock sold 6,000 shares of the company’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $105.41, for a total value of $632,460.00. Following the completion of the transaction, the chairman now directly owns 16,088 shares of the company’s stock, valued at approximately $1,695,836.08. The disclosure for this sale can be found here. Insiders have sold 93,548 shares of company stock valued at $9,925,474 in the last three months. 0.43% of the stock is currently owned by corporate insiders.
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.
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).