Highland Capital Management LLC lowered its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 55.2% during the second quarter, Holdings Channel reports. The fund owned 6,004 shares of the software company’s stock after selling 7,386 shares during the period. Highland Capital Management LLC’s holdings in Adobe Systems were worth $849,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the company. FMR LLC increased its position in Adobe Systems by 0.4% in the first quarter. FMR LLC now owns 33,995,506 shares of the software company’s stock valued at $4,423,835,000 after buying an additional 139,986 shares during the last quarter. Vanguard Group Inc. increased its position in Adobe Systems by 2.9% in the first quarter. Vanguard Group Inc. now owns 33,055,251 shares of the software company’s stock valued at $4,301,480,000 after buying an additional 937,118 shares during the last quarter. BlackRock Inc. increased its position in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after buying an additional 30,228,013 shares during the last quarter. State Street Corp increased its position in Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after buying an additional 234,270 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Adobe Systems by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock valued at $693,890,000 after buying an additional 349,088 shares during the last quarter. 87.97% of the stock is currently owned by hedge funds and other institutional investors.
Adobe Systems Incorporated (ADBE) opened at 146.20 on Friday. The stock has a 50 day moving average of $143.47 and a 200-day moving average of $130.24. The company has a market cap of $72.14 billion, a PE ratio of 50.92 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $95.42 and a 1-year high of $150.37.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm posted $0.71 EPS. The firm’s quarterly revenue was up 26.7% on a year-over-year basis. On average, equities research analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this piece of content on another site, it was illegally stolen and reposted in violation of US & international copyright & trademark legislation. The original version of this piece of content can be viewed at https://stocknewstimes.com/2017/07/28/highland-capital-management-llc-has-849000-stake-in-adobe-systems-incorporated-adbe.html.
ADBE has been the topic of several analyst reports. Vetr downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 target price on the stock. in a research report on Tuesday, June 20th. Canaccord Genuity reaffirmed a “buy” rating and issued a $165.00 price target (up from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. Piper Jaffray Companies raised their price target on Adobe Systems from $160.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, June 21st. BidaskClub downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 4th. Finally, KeyCorp reaffirmed a “buy” rating on shares of Adobe Systems in a research report on Sunday, June 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $153.20.
In other news, Director John E. Warnock sold 32,600 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,519 shares of company stock valued at $14,894,384. 0.38% of the stock is currently owned by insiders.
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.
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Incorporated (NASDAQ:ADBE).
Receive News & Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.
