Seven Bridges Advisors LLC lowered its stake in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 78.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,355 shares of the software company’s stock after selling 15,505 shares during the period. Seven Bridges Advisors LLC’s holdings in Adobe Systems were worth $417,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Court Place Advisors LLC acquired a new stake in Adobe Systems during the second quarter worth $247,000. Rehmann Capital Advisory Group raised its stake in Adobe Systems by 2.0% in the second quarter. Rehmann Capital Advisory Group now owns 3,620 shares of the software company’s stock worth $347,000 after buying an additional 72 shares in the last quarter. Bank of Montreal Can acquired a new stake in Adobe Systems during the second quarter worth $24,217,000. MSI Financial Services Inc raised its stake in Adobe Systems by 134.8% in the second quarter. MSI Financial Services Inc now owns 9,454 shares of the software company’s stock worth $905,000 after buying an additional 5,427 shares in the last quarter. Finally, Shell Asset Management Co. raised its stake in Adobe Systems by 16.6% in the second quarter. Shell Asset Management Co. now owns 67,762 shares of the software company’s stock worth $6,491,000 after buying an additional 9,670 shares in the last quarter. Hedge funds and other institutional investors own 87.88% of the company’s stock.
Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.94% during mid-day trading on Tuesday, reaching $100.62. 4,104,871 shares of the company’s stock traded hands. The stock has a 50 day moving average of $100.45 and a 200 day moving average of $96.50. The company has a market cap of $50.14 billion, a P/E ratio of 56.85 and a beta of 1.24. Adobe Systems Inc. has a 12-month low of $71.27 and a 12-month high of $104.16.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts predict that Adobe Systems Inc. will post $2.87 earnings per share for the current fiscal year.
A number of research firms recently weighed in on ADBE. Vetr upgraded shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 target price on the stock in a report on Thursday, September 8th. Robert W. Baird upgraded shares of Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 target price on the stock in a report on Thursday, August 25th. Zacks Investment Research lowered shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a report on Friday, August 19th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Adobe Systems in a research report on Wednesday, June 22nd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $104.00 price objective on shares of Adobe Systems in a research report on Wednesday, June 22nd. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Adobe Systems presently has a consensus rating of “Buy” and a consensus target price of $105.64.
In other news, CMO Ann Lewnes sold 4,000 shares of the company’s stock in a transaction dated Friday, June 24th. The shares were sold at an average price of $92.39, for a total value of $369,560.00. Following the transaction, the chief marketing officer now directly owns 46,828 shares in the company, valued at $4,326,438.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Richard Rowley sold 271 shares of the company’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $95.68, for a total transaction of $25,929.28. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by insiders.
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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