Jag Capital Management LLC Sells 1,470 Shares of Adobe Systems Incorporated (ADBE)
Jag Capital Management LLC decreased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 113,758 shares of the software company’s stock after selling 1,470 shares during the period. Adobe Systems makes up 3.2% of Jag Capital Management LLC’s portfolio, making the stock its 6th largest position. Jag Capital Management LLC’s holdings in Adobe Systems were worth $16,090,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in ADBE. Murphy Capital Management Inc. acquired a new stake in Adobe Systems during the first quarter valued at $244,000. Bank of Montreal Can increased its stake in Adobe Systems by 55.1% in the first quarter. Bank of Montreal Can now owns 532,735 shares of the software company’s stock valued at $69,323,000 after buying an additional 189,200 shares during the period. Regentatlantic Capital LLC increased its stake in Adobe Systems by 3.4% in the first quarter. Regentatlantic Capital LLC now owns 12,463 shares of the software company’s stock valued at $1,622,000 after buying an additional 404 shares during the period. Ipswich Investment Management Co. Inc. acquired a new stake in Adobe Systems during the first quarter valued at $241,000. Finally, Capstone Asset Management Co. increased its stake in Adobe Systems by 1.1% in the first quarter. Capstone Asset Management Co. now owns 44,896 shares of the software company’s stock valued at $5,842,000 after buying an additional 473 shares during the period. Institutional investors and hedge funds own 88.05% of the company’s stock.
Adobe Systems Incorporated (NASDAQ ADBE) traded up 1.07% during midday trading on Friday, hitting $146.47. The company had a trading volume of 1,382,926 shares. Adobe Systems Incorporated has a 12 month low of $97.87 and a 12 month high of $150.40. The firm has a 50-day moving average price of $145.74 and a 200-day moving average price of $133.08. The company has a market cap of $72.27 billion, a price-to-earnings ratio of 51.02 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue for the quarter was up 26.7% on a year-over-year basis. Equities analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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Several analysts have recently weighed in on ADBE shares. Stifel Nicolaus reiterated a “buy” rating on shares of Adobe Systems in a research report on Tuesday, April 18th. Guggenheim restated a “buy” rating and set a $155.00 price target on shares of Adobe Systems in a research note on Tuesday, April 18th. Barclays PLC began coverage on Adobe Systems in a research note on Tuesday, May 2nd. They set an “overweight” rating and a $155.00 price target on the stock. Royal Bank Of Canada raised their price target on Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research note on Thursday, May 25th. Finally, Vetr lowered Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price target on the stock. in a research note on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $154.20.
In related news, CMO Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total transaction of $286,466.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Abhay Parasnis sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 102,239 shares of company stock worth $14,877,475 in the last 90 days. 0.38% of the stock is currently owned by company 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.
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