Parallel Advisors LLC reduced its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 17.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,627 shares of the software company’s stock after selling 1,159 shares during the period. Parallel Advisors LLC’s holdings in Adobe Systems were worth $759,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in ADBE. UBS Asset Management Americas Inc. boosted its position in shares of Adobe Systems by 92.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock valued at $438,907,000 after buying an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP purchased a new position in shares of Adobe Systems during the first quarter valued at about $209,666,000. Pioneer Investment Management Inc. purchased a new position in shares of Adobe Systems during the first quarter valued at about $201,774,000. Wellington Management Group LLP boosted its position in shares of Adobe Systems by 40.3% in the first quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock valued at $521,737,000 after buying an additional 1,152,281 shares in the last quarter. Finally, Swedbank purchased a new position in shares of Adobe Systems during the first quarter valued at about $129,983,000. 88.05% of the stock is currently owned by institutional investors.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 148.35 on Thursday. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $150.40. The firm has a market cap of $73.20 billion, a P/E ratio of 51.67 and a beta of 1.00. The company’s 50-day moving average is $144.91 and its 200-day moving average is $131.74.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm’s revenue was up 26.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.71 EPS. Equities research analysts forecast that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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ADBE has been the topic of several recent research reports. Barclays PLC initiated coverage on shares of Adobe Systems in a research note on Tuesday, May 2nd. They issued an “overweight” rating and a $155.00 price objective on the stock. Guggenheim assumed coverage on shares of Adobe Systems in a research note on Wednesday, April 12th. They set a “buy” rating and a $155.00 price target on the stock. Robert W. Baird reaffirmed an “outperform” rating and set a $160.00 price target (up from $140.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price target on the stock in a research note on Friday, June 23rd. Finally, Royal Bank Of Canada upped their price target on shares of Adobe Systems from $135.00 to $157.00 and gave the stock an “outperform” rating in a research note on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $153.20.
In other news, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total transaction 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 approximately $8,628,179.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is owned by corporate 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.
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