Adams Diversified Equity Fund Inc. cut its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 17.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,900 shares of the software company’s stock after selling 30,100 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in Adobe Systems were worth $20,636,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Eastern Bank purchased a new stake in Adobe Systems during the first quarter valued at about $10,361,000. Winslow Evans & Crocker Inc. raised its stake in Adobe Systems by 13.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 2,042 shares of the software company’s stock valued at $266,000 after buying an additional 242 shares during the last quarter. AMI Asset Management Corp purchased a new stake in Adobe Systems during the first quarter valued at about $22,657,000. Alpha Windward LLC raised its stake in Adobe Systems by 0.9% in the first quarter. Alpha Windward LLC now owns 1,655 shares of the software company’s stock valued at $215,000 after buying an additional 15 shares during the last quarter. Finally, Inverness Counsel LLC NY raised its stake in Adobe Systems by 1.1% in the first quarter. Inverness Counsel LLC NY now owns 320,388 shares of the software company’s stock valued at $41,452,000 after buying an additional 3,425 shares during the last quarter. Hedge funds and other institutional investors own 88.05% of the company’s stock.
Shares of Adobe Systems Incorporated (ADBE) traded down 1.951% on Thursday, reaching $145.455. 706,139 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $145.64 and a 200 day moving average price of $132.74. Adobe Systems Incorporated has a one year low of $97.87 and a one year high of $150.40. The firm has a market cap of $71.77 billion, a PE ratio of 50.664 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 EPS. Analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.
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Several analysts have recently issued reports on the stock. Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 target price for the company in a research note on Tuesday, July 18th. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 target price on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 24th. KeyCorp reiterated a “buy” rating on shares of Adobe Systems in a research note on Sunday, June 25th. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Adobe Systems in a research note on Monday, June 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $153.20.
In other news, EVP Abhay Parasnis sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $149.38, for a total transaction of $1,867,250.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $144.00, for a total value of $281,232.00. Following the sale, the executive vice president now directly owns 59,991 shares in the company, valued at $8,638,704. The disclosure for this sale can be found here. Insiders have sold a total of 102,239 shares of company stock worth $14,877,475 over the last ninety days. Insiders own 0.38% of the company’s stock.
Adobe Systems Company Profile
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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