Connors Investor Services Inc buys $9.7 Million stake in Adobe Systems Incorporated (ADBE)

Adobe Systems Incorporated (ADBE) : Connors Investor Services Inc scooped up 3,080 additional shares in Adobe Systems Incorporated during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 101,225 shares of Adobe Systems Incorporated which is valued at $9.7 Million.Adobe Systems Incorporated makes up approximately 1.97% of Connors Investor Services Inc’s portfolio.

Other Hedge Funds, Including , Finemark National Bank Trust boosted its stake in ADBE in the latest quarter, The investment management firm added 139 additional shares and now holds a total of 92,899 shares of Adobe Systems Incorporated which is valued at $8.9 Million. Adobe Systems Incorporated makes up approx 1.05% of Finemark National Bank Trust’s portfolio.Swiss National Bank boosted its stake in ADBE in the latest quarter, The investment management firm added 391,900 additional shares and now holds a total of 1,295,883 shares of Adobe Systems Incorporated which is valued at $122.2 Million. Adobe Systems Incorporated makes up approx 0.22% of Swiss National Bank’s portfolio.California Public Employees Retirement System boosted its stake in ADBE in the latest quarter, The investment management firm added 12,800 additional shares and now holds a total of 1,407,900 shares of Adobe Systems Incorporated which is valued at $132.8 Million. Adobe Systems Incorporated makes up approx 0.21% of California Public Employees Retirement System’s portfolio.Whittier Trust Co reduced its stake in ADBE by selling 800 shares or 23.26% in the most recent quarter. The Hedge Fund company now holds 2,639 shares of ADBE which is valued at $248,647. Adobe Systems Incorporated makes up approx 0.01% of Whittier Trust Co’s portfolio.

Adobe Systems Incorporated opened for trading at $96.1 and hit $97.12 on the upside on Friday, eventually ending the session at $96.88, with a gain of 1.04% or 1 points. The heightened volatility saw the trading volume jump to 22,18,291 shares. Company has a market cap of $48,460,345 M.

On the company’s financial health, Adobe Systems Incorporated reported $0.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Mar 17, 2016. Analyst had a consensus of $0.61. The company had revenue of $1383.30 million for the quarter, compared to analysts expectations of $1336.47 million. The company’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.

Many Wall Street Analysts have commented on Adobe Systems Incorporated. Company shares were Resumed by Credit Suisse on Apr 21, 2016 to “Neutral”, Firm has raised the Price Target to $ 105 from a previous price target of $85 .Company shares were Reiterated by FBR Capital on Apr 12, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 115 from a previous price target of $100 .Company shares were Reiterated by Dougherty & Company on Apr 4, 2016 to “Buy”, Firm has raised the Price Target to $ 122 from a previous price target of $116 .

Adobe Systems Incorporated (Adobe) is a software company. The Company offers products and services for professionals marketers application developers enterprises and consumers for creating managing delivering optimizing and engaging with content. Adobe markets and licenses its products and services through app stores and its Website www.adobe.com. The Company’s operates in three segments: Digital Marketing Digital Media and Print and Publishing. In Digital Media the Company is engaged in providing tools services and solutions that enable to create publish and promote their content. In Digital Marketing the Company is engaged in providing solutions and services for creating managing executing measuring and optimizing digital advertising and marketing campaigns. Adobe’s Print and Publishing segment addresses various market opportunities including eLearning solutions technical document publishing Web application development and high-end printing.

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