Assenagon Asset Management S.A. raised its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 290.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 575,756 shares of the software company’s stock after purchasing an additional 428,286 shares during the quarter. Adobe Systems accounts for approximately 0.8% of Assenagon Asset Management S.A.’s holdings, making the stock its 19th biggest holding. Assenagon Asset Management S.A. owned approximately 0.12% of Adobe Systems worth $85,891,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of ADBE. 1ST Source Bank increased its position in shares of Adobe Systems by 0.3% during the second quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after acquiring an additional 6 shares during the period. Guardian Life Insurance Co. of America increased its position in shares of Adobe Systems by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock worth $250,000 after acquiring an additional 13 shares during the period. Perigon Wealth Management LLC increased its position in shares of Adobe Systems by 0.4% during the first quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock worth $387,000 after acquiring an additional 13 shares during the period. Trust Co. of Vermont increased its position in shares of Adobe Systems by 0.6% during the second quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock worth $372,000 after acquiring an additional 16 shares during the period. Finally, Bank of Stockton increased its position in shares of Adobe Systems by 0.4% during the second quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock worth $743,000 after acquiring an additional 20 shares during the period. 87.49% of the stock is currently owned by institutional investors.
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Adobe Systems Incorporated (ADBE) traded up 2.28% during midday trading on Friday, hitting $175.64. 6,019,412 shares of the stock traded hands. The company has a 50-day moving average price of $153.06 and a 200 day moving average price of $144.36. The stock has a market cap of $86.58 billion, a price-to-earnings ratio of 55.22 and a beta of 0.98. Adobe Systems Incorporated has a one year low of $98.00 and a one year high of $175.87.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company’s revenue was up 25.8% on a year-over-year basis. During the same period last year, the firm posted $0.75 EPS. Equities research analysts anticipate that Adobe Systems Incorporated will post $4.22 earnings per share for the current year.
In related news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total value of $304,433.64. Following the transaction, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at approximately $8,784,773.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 5,859 shares of company stock worth $887,931 over the last ninety days. Insiders own 0.38% of the company’s stock.
ADBE has been the topic of a number of research reports. Vetr lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 target price on the stock. in a research report on Thursday, August 31st. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Adobe Systems in a research report on Monday, June 26th. Pivotal Research raised shares of Adobe Systems from a “sell” rating to a “hold” rating and raised their target price for the stock from $118.00 to $160.00 in a research report on Wednesday. Moffett Nathanson initiated coverage on shares of Adobe Systems in a research report on Wednesday, September 6th. They set a “buy” rating and a $195.00 target price on the stock. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Adobe Systems in a research report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Adobe Systems presently has a consensus rating of “Buy” and an average price target of $168.59.
Adobe Systems 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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