Adobe Systems Inc. (ADBE) Position Decreased by Investment House LLC
Investment House LLC reduced its stake in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 111,139 shares of the software company’s stock after selling 135 shares during the period. Adobe Systems makes up about 1.7% of Investment House LLC’s investment portfolio, making the stock its 12th largest position. Investment House LLC’s holdings in Adobe Systems were worth $10,646,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in ADBE. Pitcairn Co. boosted its position in shares of Adobe Systems by 131.9% in the second quarter. Pitcairn Co. now owns 28,924 shares of the software company’s stock valued at $2,770,000 after buying an additional 16,452 shares in the last quarter. Court Place Advisors LLC purchased a new position in shares of Adobe Systems during the second quarter valued at about $247,000. Rehmann Capital Advisory Group boosted its position in shares of Adobe Systems by 2.0% in the second quarter. Rehmann Capital Advisory Group now owns 3,620 shares of the software company’s stock valued at $347,000 after buying an additional 72 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of Adobe Systems during the second quarter valued at about $24,217,000. Finally, MSI Financial Services Inc boosted its position in shares of Adobe Systems by 134.8% in the second quarter. MSI Financial Services Inc now owns 9,454 shares of the software company’s stock valued at $905,000 after buying an additional 5,427 shares in the last quarter. 87.53% of the stock is currently owned by institutional investors.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded up 7.12% during trading on Wednesday, reaching $107.78. The company had a trading volume of 8,764,529 shares. The stock has a 50 day moving average price of $100.78 and a 200 day moving average price of $96.58. The firm has a market capitalization of $53.71 billion, a PE ratio of 60.89 and a beta of 1.24. Adobe Systems Inc. has a 12 month low of $71.27 and a 12 month high of $108.22.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The company had revenue of $1.46 billion for the quarter. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The business’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 earnings per share. On average, equities research analysts forecast that Adobe Systems Inc. will post $2.87 EPS for the current year.
Several brokerages have issued reports on ADBE. Vetr cut shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $102.96 price objective on the stock. in a research note on Wednesday. Deutsche Bank AG reissued a “buy” rating and issued a $120.00 price objective (down from $125.00) on shares of Adobe Systems in a research note on Wednesday. Cowen and Company boosted their target price on shares of Adobe Systems from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday. Royal Bank Of Canada boosted their target price on shares of Adobe Systems from $115.00 to $116.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Pivotal Research boosted their target price on shares of Adobe Systems from $124.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-two have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $108.43.
In other news, Chairman John E. Warnock sold 2,000 shares of Adobe Systems stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $98.51, for a total transaction of $197,020.00. Following the sale, the chairman now owns 16,088 shares of the company’s stock, valued at approximately $1,584,828.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Richard Rowley sold 271 shares of Adobe Systems stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $95.68, for a total value of $25,929.28. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
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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