Adobe Systems Incorporated (ADBE) Shares Sold by Riverpark Capital Management LLC

Riverpark Capital Management LLC decreased its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 21.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,352 shares of the software company’s stock after selling 45,269 shares during the quarter. Adobe Systems accounts for approximately 3.2% of Riverpark Capital Management LLC’s portfolio, making the stock its 12th largest position. Riverpark Capital Management LLC’s holdings in Adobe Systems were worth $24,966,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. 1ST Source Bank increased its position in shares of Adobe Systems by 0.3% during the second quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after acquiring an additional 6 shares during the period. Trust Co. of Vermont increased its position in shares of Adobe Systems by 0.6% during the second quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock worth $372,000 after acquiring an additional 16 shares during the period. Bank of Stockton increased its position in shares of Adobe Systems by 0.4% during the second quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock worth $743,000 after acquiring an additional 20 shares during the period. Bank of The West increased its position in shares of Adobe Systems by 0.5% during the second quarter. Bank of The West now owns 4,943 shares of the software company’s stock worth $699,000 after acquiring an additional 25 shares during the period. Finally, Bienville Capital Management LLC increased its position in shares of Adobe Systems by 1.6% during the second quarter. Bienville Capital Management LLC now owns 2,032 shares of the software company’s stock worth $287,000 after acquiring an additional 32 shares during the period. 87.45% of the stock is currently owned by institutional investors.

ADBE has been the topic of a number of recent research reports. Zacks Investment Research lowered Adobe Systems from a “hold” rating to a “sell” rating in a research report on Thursday, September 14th. Vetr downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 target price for the company. in a research note on Thursday, August 31st. Robert W. Baird set a $160.00 target price on shares of Adobe Systems and gave the stock a “buy” rating in a research note on Friday, October 6th. Bank of America boosted their target price on shares of Adobe Systems from $108.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 25th. Finally, UBS initiated coverage on shares of Adobe Systems in a research note on Thursday, November 9th. They set a “buy” rating and a $217.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $176.50.

In other news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total value of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at $8,784,773.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Matthew Thompson sold 2,190 shares of the company’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $173.42, for a total transaction of $379,789.80. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock valued at $2,519,679 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at $174.61 on Friday. Adobe Systems Incorporated has a 1-year low of $101.91 and a 1-year high of $186.27. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.23. The company has a market cap of $86,270.00, a PE ratio of 50.46, a PEG ratio of 2.12 and a beta of 1.05.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the prior year, the company earned $0.75 earnings per share. The business’s revenue was up 25.8% compared to the same quarter last year. sell-side analysts anticipate that Adobe Systems Incorporated will post 3.46 EPS for the current fiscal year.

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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.

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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