Investment advisor Cohen Klingenstein sold 581 shares of multinational computer software company Adobe Systems Inc. (ADBE) in the third quarter of 2016. (See also: APG Sells Adobe Systems Shares in 3Q16.)
Highland Mirror reported Cohen Klingenstein lowered its stake in ADBE shares by 1.32 percent in 3Q16. Cohen Klingenstein owned 43,578 shares of ADBE at the end of the time frame.
Conversely, Highland Mirror noted that several hedge fund investors have increased their stake in ADBE shares over the past few months, including:
- Simplex Trading: Added 61,760 shares of ADBE.
- Quantres Asset Management: Bought 4,300 shares.
- Lathrop Investment Management: Purchased 480 shares.
Highland Mirror also pointed out that the following equities research analysts recently commented on ADBE shares:
- Pivotal Research Group: Provided ADBE shares with a Hold rating on Jan. 12.
- Wells Fargo: Issued a Market Perform grade on Jan. 11.
- BMO Capital Markets: Gave the company's shares an Outperform grade on Jan. 5.
- Wunderlich: Verified its Hold grade on Nov. 3.
ADBE shares traded up 0.84 percent and closed at a price of $110.71 on Jan. 20. The shares feature a one-year price low of $71.27 and a one-year price high of $111.09.
What Are ADBE's Financial Targets for FY17?
In a company statement, ADBE released several financial projections for fiscal year 2017, including:
- Total revenue of roughly $7.09 billion.
- Digital media segment revenue growth of approximately 20 percent year to year.
- Adobe Marketing Cloud revenue growth of greater than 25 percent year to year.
Furthermore, ADBE reported total revenue of $5.85 billion in FY16, up 22 percent year to year. The company also posted generally accepted accounting principles (GAAP) earnings per share (EPS) of $2.32 during the period.
Mark Garrett, ADBE's chief financial officer, noted in a press release that his business is positioned to deliver top-line and bottom-line growth in FY17. If the company can match or surpass its FY17 financial targets, the business could deliver substantial shareholder returns.