East Coast Asset Management LLC. cut its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 40.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,257 shares of the software company’s stock after selling 855 shares during the quarter. East Coast Asset Management LLC.’s holdings in Adobe Systems were worth $220,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of ADBE. Ark Investment Management LLC raised its stake in shares of Adobe Systems by 113.1% in the second quarter. Ark Investment Management LLC now owns 1,890 shares of the software company’s stock worth $267,000 after purchasing an additional 1,003 shares during the last quarter. Intl Fcstone Inc. purchased a new stake in shares of Adobe Systems during the second quarter valued at approximately $305,000. Eqis Capital Management Inc. increased its position in shares of Adobe Systems by 40.7% during the third quarter. Eqis Capital Management Inc. now owns 2,642 shares of the software company’s stock valued at $394,000 after acquiring an additional 764 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Adobe Systems by 9.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 125,893 shares of the software company’s stock valued at $18,781,000 after acquiring an additional 10,592 shares during the last quarter. Finally, Bristlecone Advisors LLC purchased a new stake in shares of Adobe Systems during the third quarter valued at approximately $150,000. 86.18% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Michael A. Dillon sold 18,079 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $194.26, for a total value of $3,512,026.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Garrett sold 54,488 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $187.38, for a total value of $10,209,961.44. The disclosure for this sale can be found here. Insiders sold 351,199 shares of company stock valued at $67,326,422 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.
Adobe Systems Incorporated (NASDAQ:ADBE) opened at $202.98 on Wednesday. Adobe Systems Incorporated has a twelve month low of $117.83 and a twelve month high of $205.12. The firm has a market capitalization of $99,780.00, a price-to-earnings ratio of 59.88, a price-to-earnings-growth ratio of 2.46 and a beta of 1.18. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.22.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, December 14th. The software company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.10. Adobe Systems had a return on equity of 22.15% and a net margin of 23.20%. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same period in the prior year, the company earned $0.90 earnings per share. Adobe Systems’s revenue was up 24.8% compared to the same quarter last year. equities research analysts predict that Adobe Systems Incorporated will post 5.12 EPS for the current year.
A number of analysts recently commented on ADBE shares. Cowen reaffirmed a “buy” rating and set a $200.00 price target on shares of Adobe Systems in a research report on Monday, December 11th. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $172.83 price target for the company in a research report on Thursday, November 2nd. Pivotal Research reaffirmed a “hold” rating and set a $162.00 price target (up from $160.00) on shares of Adobe Systems in a research report on Friday, December 15th. Sanford C. Bernstein increased their price target on Adobe Systems from $208.00 to $223.00 and gave the company an “outperform” rating in a research report on Tuesday, January 23rd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $220.00 price target (up from $195.00) on shares of Adobe Systems in a research report on Tuesday, January 23rd. Eight analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $198.15.
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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.
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