Kiwi Wealth Investments Limited Partnership increased its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 71.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 26,402 shares of the software company’s stock after acquiring an additional 11,030 shares during the period. Kiwi Wealth Investments Limited Partnership’s holdings in Adobe Systems were worth $5,705,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Avestar Capital LLC acquired a new position in shares of Adobe Systems during the 4th quarter valued at about $109,000. Reilly Financial Advisors LLC increased its holdings in shares of Adobe Systems by 85.2% during the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock valued at $124,000 after acquiring an additional 265 shares during the last quarter. Exchange Capital Management Inc. acquired a new position in shares of Adobe Systems during the 1st quarter valued at about $125,000. Archford Capital Strategies LLC acquired a new position in shares of Adobe Systems during the 1st quarter valued at about $136,000. Finally, Bruderman Asset Management LLC acquired a new position in shares of Adobe Systems during the 1st quarter valued at about $149,000. 85.94% of the stock is currently owned by institutional investors and hedge funds.
Shares of ADBE stock opened at $257.88 on Thursday. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.22. Adobe Systems Incorporated has a 12 month low of $134.45 and a 12 month high of $257.90. The company has a market capitalization of $123.61 billion, a price-to-earnings ratio of 71.99, a PEG ratio of 2.90 and a beta of 1.08.
Adobe Systems declared that its board has approved a stock buyback program on Monday, May 21st that authorizes the company to buyback $8.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have issued reports on ADBE shares. Citigroup raised their target price on Adobe Systems to $250.00 and gave the company a “buy” rating in a report on Friday, March 16th. Canaccord Genuity reaffirmed a “buy” rating and issued a $245.00 target price (up previously from $220.00) on shares of Adobe Systems in a report on Friday, March 16th. Jefferies Financial Group raised their target price on Adobe Systems to $263.00 and gave the company a “buy” rating in a report on Friday, March 16th. Bank of America reaffirmed a “buy” rating and issued a $269.00 target price (up previously from $253.00) on shares of Adobe Systems in a report on Tuesday, March 13th. Finally, Stifel Nicolaus raised their target price on Adobe Systems from $210.00 to $230.00 and gave the company a “buy” rating in a report on Monday, March 12th. Ten investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $223.03.
In related news, Director John E. Warnock sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 20th. The stock was sold at an average price of $224.94, for a total transaction of $1,124,700.00. Following the completion of the transaction, the director now owns 16,088 shares in the company, valued at approximately $3,618,834.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Lewnes sold 2,942 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $236.59, for a total value of $696,047.78. Following the transaction, the executive vice president now owns 70,322 shares of the company’s stock, valued at approximately $16,637,481.98. The disclosure for this sale can be found here. Insiders have sold a total of 46,819 shares of company stock valued at $10,451,729 in the last 90 days. 0.33% of the stock is owned by corporate insiders.
About Adobe Systems
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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