Davy Asset Management Ltd acquired a new stake in Adobe Systems Incorporated (NASDAQ:ADBE) during the second quarter, according to its most recent filing with the SEC. The firm acquired 3,894 shares of the software company’s stock, valued at approximately $949,000.

A number of other large investors have also recently bought and sold shares of ADBE. Edgewood Management LLC purchased a new position in Adobe Systems in the 2nd quarter valued at $565,496,000. Morgan Stanley grew its position in Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock valued at $836,695,000 after buying an additional 1,515,736 shares during the last quarter. BlackRock Inc. grew its position in Adobe Systems by 3.6% in the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock valued at $7,316,684,000 after buying an additional 1,185,325 shares during the last quarter. PointState Capital LP boosted its position in shares of Adobe Systems by 2,178.0% during the 1st quarter. PointState Capital LP now owns 1,100,014 shares of the software company’s stock worth $237,691,000 after purchasing an additional 1,051,726 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its position in shares of Adobe Systems by 29,729.8% during the 1st quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock worth $513,000 after purchasing an additional 511,352 shares in the last quarter. Hedge funds and other institutional investors own 84.72% of the company’s stock.

In related news, EVP Abhay Parasnis sold 10,500 shares of the business’s stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Lewnes sold 2,945 shares of the business’s stock in a transaction dated Wednesday, June 20th. The shares were sold at an average price of $253.50, for a total transaction of $746,557.50. Following the completion of the transaction, the executive vice president now directly owns 67,377 shares of the company’s stock, valued at approximately $17,080,069.50. The disclosure for this sale can be found here. Insiders sold a total of 19,324 shares of company stock worth $4,980,689 over the last quarter. Insiders own 0.33% of the company’s stock.

Several equities research analysts have commented on ADBE shares. Robert W. Baird boosted their target price on shares of Adobe Systems from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Royal Bank of Canada boosted their target price on shares of Adobe Systems to $268.00 and gave the stock an “outperform” rating in a research report on Monday, June 11th. They noted that the move was a valuation call. Barclays boosted their target price on shares of Adobe Systems from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 12th. BMO Capital Markets boosted their target price on shares of Adobe Systems from $260.00 to $278.00 and gave the stock an “outperform” rating in a research report on Friday, June 15th. Finally, Piper Jaffray Companies restated an “overweight” rating and set a $290.00 target price on shares of Adobe Systems in a research report on Friday, June 15th. Nine analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $261.38.

Adobe Systems stock opened at $268.25 on Tuesday. Adobe Systems Incorporated has a 52 week low of $143.95 and a 52 week high of $277.61. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.08 and a current ratio of 1.66. The stock has a market capitalization of $134.51 billion, a P/E ratio of 53.55, a price-to-earnings-growth ratio of 3.00 and a beta of 1.11.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period in the previous year, the firm earned $1.10 EPS. The business’s revenue for the quarter was up 24.4% compared to the same quarter last year. analysts forecast that Adobe Systems Incorporated will post 5.59 EPS for the current fiscal year.

Adobe Systems declared that its Board of Directors has authorized a stock repurchase plan on Monday, May 21st that permits the company to repurchase $8.00 billion in shares. This repurchase authorization permits the software company to buy up to 6.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Adobe Systems 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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Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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