Wimmer Associates 1 LLC reduced its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 2.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,460 shares of the software company’s stock after selling 335 shares during the quarter. Adobe Systems comprises about 2.4% of Wimmer Associates 1 LLC’s portfolio, making the stock its 6th largest holding. Wimmer Associates 1 LLC’s holdings in Adobe Systems were worth $2,692,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently made changes to their positions in ADBE. Avestar Capital LLC purchased a new position in shares of Adobe Systems in the 4th quarter valued at approximately $109,000. Cerebellum GP LLC acquired a new position in Adobe Systems in the 4th quarter worth approximately $118,000. Community Bank N.A. acquired a new position in Adobe Systems in the 4th quarter worth approximately $122,000. Reilly Financial Advisors LLC increased its holdings in Adobe Systems by 85.2% in the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock worth $124,000 after buying an additional 265 shares during the period. Finally, Exchange Capital Management Inc. acquired a new position in Adobe Systems in the 1st quarter worth approximately $125,000. 85.97% of the stock is owned by hedge funds and other institutional investors.
Adobe Systems opened at $244.36 on Friday, MarketBeat.com reports. Adobe Systems Incorporated has a 1 year low of $131.20 and a 1 year high of $245.90. The firm has a market capitalization of $120.12 billion, a P/E ratio of 68.07, a P/E/G ratio of 2.82 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.12 and a current ratio of 2.12.
Adobe Systems declared that its Board of Directors has authorized a share repurchase plan on Monday, May 21st that permits the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several brokerages recently weighed in on ADBE. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a report on Tuesday, February 13th. KeyCorp increased their price target on shares of Adobe Systems to $252.00 and gave the stock an “overweight” rating in a report on Friday, March 16th. Jefferies Group increased their price target on shares of Adobe Systems to $263.00 and gave the stock a “buy” rating in a report on Friday, March 16th. DZ Bank upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 20th. Finally, Stifel Nicolaus increased their price target on shares of Adobe Systems from $210.00 to $230.00 and gave the stock a “buy” rating in a report on Monday, March 12th. Ten equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and an average target price of $221.38.
In related news, Director John E. Warnock sold 5,000 shares of Adobe Systems stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $224.94, for a total value of $1,124,700.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $3,618,834.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Lewnes sold 2,942 shares of Adobe Systems stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $236.59, for a total transaction of $696,047.78. Following the completion of the sale, the executive vice president now directly owns 70,322 shares in the company, valued at approximately $16,637,481.98. The disclosure for this sale can be found here. Insiders sold a total of 46,819 shares of company stock worth $10,451,729 in the last three months. 0.33% of the stock is owned by corporate insiders.
Adobe Systems Company 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.
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