Louisiana State Employees Retirement System Has $3,142,000 Stake in Adobe Systems Inc. (ADBE)
Louisiana State Employees Retirement System cut its stake in Adobe Systems Inc. (NASDAQ:ADBE) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,800 shares of the software company’s stock after selling 500 shares during the period. Louisiana State Employees Retirement System’s holdings in Adobe Systems were worth $3,142,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. National Pension Service increased its position in shares of Adobe Systems by 4.3% in the first quarter. National Pension Service now owns 273,210 shares of the software company’s stock valued at $25,627,000 after buying an additional 11,220 shares in the last quarter. AMP Capital Investors Ltd increased its position in shares of Adobe Systems by 16.1% in the first quarter. AMP Capital Investors Ltd now owns 328,285 shares of the software company’s stock valued at $30,786,000 after buying an additional 45,577 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Adobe Systems by 5.5% in the second quarter. Nordea Investment Management AB now owns 45,538 shares of the software company’s stock valued at $4,362,000 after buying an additional 2,370 shares in the last quarter. EP Wealth Advisors Inc. increased its position in shares of Adobe Systems by 0.9% in the first quarter. EP Wealth Advisors Inc. now owns 5,074 shares of the software company’s stock valued at $476,000 after buying an additional 44 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Adobe Systems during the first quarter valued at approximately $660,000. Institutional investors and hedge funds own 87.88% of the company’s stock.
Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.76% during midday trading on Monday, reaching $99.68. The company’s stock had a trading volume of 3,307,490 shares. The firm has a 50 day moving average price of $100.36 and a 200-day moving average price of $96.40. Adobe Systems Inc. has a 12-month low of $71.27 and a 12-month high of $104.16. The company has a market cap of $49.67 billion, a P/E ratio of 56.32 and a beta of 1.24.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 21st. The software company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.03. The business earned $1.40 billion during the quarter. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. Adobe Systems’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 earnings per share. On average, equities research analysts predict that Adobe Systems Inc. will post $2.87 earnings per share for the current fiscal year.
Several research analysts have commented on ADBE shares. Vetr upgraded Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 target price for the company in a research note on Thursday, September 8th. Robert W. Baird upgraded Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Thursday, August 25th. Cowen and Company reiterated an “outperform” rating and set a $115.00 price target on shares of Adobe Systems in a research report on Friday. Zacks Investment Research downgraded Adobe Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. Finally, Credit Suisse Group AG lifted their price target on Adobe Systems from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, June 1st. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $105.64.
In other news, EVP Bradley Rencher sold 37,562 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $95.46, for a total value of $3,585,668.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Ann Lewnes sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $92.39, for a total value of $369,560.00. Following the completion of the sale, the chief marketing officer now directly owns 46,828 shares of the company’s stock, valued at $4,326,438.92. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.
About Adobe Systems
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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