Weatherly Asset Management L. P. lowered its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 14.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,626 shares of the software company’s stock after selling 8,820 shares during the period. Adobe Systems makes up about 2.1% of Weatherly Asset Management L. P.’s portfolio, making the stock its 11th largest position. Weatherly Asset Management L. P.’s holdings in Adobe Systems were worth $7,302,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. CAPROCK Group Inc. increased its stake in shares of Adobe Systems by 21.3% in the second quarter. CAPROCK Group Inc. now owns 1,956 shares of the software company’s stock valued at $277,000 after buying an additional 343 shares during the last quarter. Warren Averett Asset Management LLC increased its stake in shares of Adobe Systems by 10.6% in the second quarter. Warren Averett Asset Management LLC now owns 2,612 shares of the software company’s stock valued at $369,000 after buying an additional 250 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Adobe Systems by 19.1% in the second quarter. Great West Life Assurance Co. Can now owns 457,503 shares of the software company’s stock valued at $64,618,000 after buying an additional 73,279 shares during the last quarter. Eagle Global Advisors LLC increased its stake in shares of Adobe Systems by 32.3% in the second quarter. Eagle Global Advisors LLC now owns 4,809 shares of the software company’s stock valued at $680,000 after buying an additional 1,174 shares during the last quarter. Finally, Alpha Cubed Investments LLC increased its stake in shares of Adobe Systems by 75.6% in the second quarter. Alpha Cubed Investments LLC now owns 20,895 shares of the software company’s stock valued at $2,955,000 after buying an additional 8,998 shares during the last quarter. 87.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 151.10 on Thursday. The firm has a market cap of $74.55 billion, a PE ratio of 52.63 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $97.87 and a 1-year high of $152.59. The stock has a 50 day moving average of $147.31 and a 200 day moving average of $135.30.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company posted $0.71 earnings per share. The firm’s quarterly revenue was up 26.7% compared to the same quarter last year. Equities research analysts anticipate that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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Several equities research analysts recently weighed in on the stock. BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a research note on Monday, July 31st. Vetr raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 target price on the stock in a research note on Tuesday, July 18th. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Adobe Systems in a research note on Monday, June 26th. Finally, KeyCorp reaffirmed a “buy” rating on shares of Adobe Systems in a research note on Sunday, June 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. Adobe Systems currently has a consensus rating of “Buy” and an average price target of $154.20.
In other news, EVP Ann Lewnes sold 2,233 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total value of $311,034.57. Following the completion of the sale, the executive vice president now directly owns 61,944 shares in the company, valued at $8,628,179.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John E. Warnock sold 32,600 shares of the firm’s stock in a transaction on 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 sale, the director now owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is currently owned by corporate 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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