Westwood Holdings Group Inc. Maintains Stake in Adobe Systems Incorporated (NASDAQ:ADBE)

Westwood Holdings Group Inc. continued to hold its position in Adobe Systems Incorporated (NASDAQ:ADBE) during the first quarter, according to its most recent disclosure with the SEC. The firm owned 5,605 shares of the software company’s stock at the end of the first quarter. Westwood Holdings Group Inc.’s holdings in Adobe Systems were worth $729,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. TPG Group Holdings SBS Advisors Inc. increased its position in Adobe Systems by 7.0% in the first quarter. TPG Group Holdings SBS Advisors Inc. now owns 27,582 shares of the software company’s stock worth $3,589,000 after buying an additional 1,802 shares in the last quarter. Westover Capital Advisors LLC acquired a new position in Adobe Systems during the first quarter worth about $210,000. Edgestream Partners L.P. acquired a new position in Adobe Systems during the first quarter worth about $412,000. Shelton Capital Management increased its position in Adobe Systems by 36.1% in the first quarter. Shelton Capital Management now owns 79,026 shares of the software company’s stock worth $10,284,000 after buying an additional 20,980 shares in the last quarter. Finally, Soros Fund Management LLC acquired a new position in Adobe Systems during the first quarter worth about $729,000. Hedge funds and other institutional investors own 88.14% of the company’s stock.

Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. Adobe Systems’s quarterly revenue was up 26.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 EPS.

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A number of research firms have recently issued reports on ADBE. Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price objective on the stock in a research note on Tuesday, July 18th. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 4th. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Adobe Systems in a research note on Monday, June 26th. KeyCorp restated a “buy” rating on shares of Adobe Systems in a research note on Sunday, June 25th. Finally, Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 target price for the company in a research note on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $153.20.

In other news, Director John E. Warnock sold 32,600 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the transaction, the director now owns 16,088 shares in the company, valued at approximately $2,317,798.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Donna Morris sold 10,000 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $150.00, for a total transaction of $1,500,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,519 shares of company stock valued at $14,894,384. 0.38% of the stock is 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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