Trillium Asset Management LLC decreased its position in Adobe Systems Inc. (NASDAQ:ADBE) by 10.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 202,332 shares of the software company’s stock after selling 22,381 shares during the period. Adobe Systems makes up approximately 1.3% of Trillium Asset Management LLC’s investment portfolio, making the stock its 14th largest position. Trillium Asset Management LLC’s holdings in Adobe Systems were worth $19,381,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Ithaka Group LLC acquired a new stake in shares of Adobe Systems during the first quarter worth $18,337,000. AMF Pensionsforsakring AB boosted its stake in Adobe Systems by 5.5% in the first quarter. AMF Pensionsforsakring AB now owns 358,452 shares of the software company’s stock valued at $33,623,000 after buying an additional 18,823 shares during the period. Aviva PLC boosted its stake in Adobe Systems by 1.7% in the first quarter. Aviva PLC now owns 279,097 shares of the software company’s stock valued at $26,179,000 after buying an additional 4,659 shares during the period. C M Bidwell & Associates Ltd. purchased a new stake in Adobe Systems during the first quarter valued at approximately $317,000. Finally, NN Investment Partners Holdings N.V. purchased a new stake in Adobe Systems during the first quarter valued at approximately $1,797,000. Hedge funds and other institutional investors own 87.53% of the company’s stock.
Adobe Systems Inc. (NASDAQ:ADBE) traded down 0.06% during mid-day trading on Tuesday, hitting $108.39. 1,394,021 shares of the stock were exchanged. The company has a 50 day moving average price of $102.87 and a 200 day moving average price of $97.93. Adobe Systems Inc. has a 52 week low of $71.27 and a 52 week high of $109.76. The stock has a market cap of $53.89 billion, a price-to-earnings ratio of 55.30 and a beta of 1.27.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The firm had revenue of $1.46 billion for the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. Adobe Systems’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS. Analysts expect that Adobe Systems Inc. will post $2.97 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Zacks Investment Research cut shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 19th. Cowen and Company raised their target price on shares of Adobe Systems from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 21st. RBC Capital Markets restated an “outperform” rating and issued a $116.00 target price (up previously from $115.00) on shares of Adobe Systems in a research note on Thursday, September 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $104.00 target price on shares of Adobe Systems in a research note on Wednesday, June 22nd. Finally, Rosenblatt Securities raised their target price on shares of Adobe Systems from $112.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. Adobe Systems currently has an average rating of “Buy” and an average price target of $110.73.
In other news, CFO Mark Garrett sold 26,899 shares of the company’s stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $103.47, for a total value of $2,783,239.53. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Edward W. Barnholt sold 25,000 shares of the company’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $97.25, for a total value of $2,431,250.00. Following the completion of the transaction, the director now owns 58,124 shares in the company, valued at approximately $5,652,559. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
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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