State of Tennessee Treasury Department cut its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 24.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 382,858 shares of the software company’s stock after selling 124,592 shares during the period. State of Tennessee Treasury Department owned 0.08% of Adobe Systems worth $57,115,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. FMR LLC increased its holdings in Adobe Systems by 4.9% in the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after buying an additional 1,651,762 shares during the last quarter. BlackRock Inc. increased its holdings in Adobe Systems by 8.2% in the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after buying an additional 2,621,275 shares during the last quarter. Vanguard Group Inc. increased its holdings in Adobe Systems by 2.9% in the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock valued at $4,808,783,000 after buying an additional 943,487 shares during the last quarter. State Street Corp boosted its stake 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 acquiring an additional 234,270 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Adobe Systems by 784.4% in the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock valued at $1,587,936,000 after acquiring an additional 9,957,241 shares in the last quarter. Hedge funds and other institutional investors own 87.21% of the company’s stock.
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In related news, EVP Matthew Thompson sold 2,190 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 6,800 shares of the stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $174.20, for a total transaction of $1,184,560.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,802,529.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,849 shares of company stock valued at $2,519,679. Corporate insiders own 0.38% of the company’s stock.
ADBE has been the subject of several recent research reports. Royal Bank Of Canada reiterated a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Jefferies Group LLC began coverage on shares of Adobe Systems in a research report on Thursday, August 24th. They issued a “buy” rating and a $175.00 price objective for the company. Bank of America Corporation raised their price objective on shares of Adobe Systems from $108.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 25th. Finally, Vetr cut shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 target price for the company. in a report on Thursday, August 31st. Six research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $174.11.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at $184.15 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.05 and a current ratio of 2.05. The stock has a market cap of $90,780.00, a price-to-earnings ratio of 54.89, a P/E/G ratio of 3.10 and a beta of 1.05. Adobe Systems Incorporated has a 1-year low of $98.00 and a 1-year high of $185.55.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 the consensus estimate of $1.82 billion. During the same period in the prior year, the firm earned $0.75 EPS. Adobe Systems’s quarterly revenue was up 25.8% compared to the same quarter last year. analysts anticipate that Adobe Systems Incorporated will post 3.46 earnings per share for the current year.
Adobe Systems 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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