Congress Asset Management Co. MA cut its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 7.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 487,209 shares of the software company’s stock after selling 40,764 shares during the period. Congress Asset Management Co. MA’s holdings in Adobe Systems were worth $68,911,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Clean Yield Group acquired a new position in shares of Adobe Systems during the first quarter valued at about $100,000. CWM LLC raised its position in shares of Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after buying an additional 79 shares during the last quarter. Washington Trust Bank raised its position in shares of Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares during the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in shares of Adobe Systems during the first quarter valued at about $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. raised its position in shares of Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after buying an additional 500 shares during the last quarter. Institutional investors own 87.64% of the company’s stock.

Adobe Systems Incorporated (NASDAQ:ADBE) opened at 147.97 on Friday. Adobe Systems Incorporated has a 52 week low of $97.87 and a 52 week high of $151.99. The firm has a market capitalization of $73.01 billion, a P/E ratio of 51.54 and a beta of 1.00. The stock has a 50 day moving average price of $146.59 and a 200-day moving average price of $134.36.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the business posted $0.71 earnings per share. Adobe Systems’s quarterly revenue was up 26.7% compared to the same quarter last year. Analysts anticipate that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.

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ADBE has been the topic of several recent analyst reports. Vetr lowered Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 price target on the stock. in a research note on Tuesday, June 20th. BidaskClub lowered Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Citigroup Inc. reiterated a “buy” rating and issued a $161.00 price target (up previously from $141.00) on shares of Adobe Systems in a research note on Tuesday, June 13th. Canaccord Genuity reiterated a “buy” rating and issued a $165.00 price target (up previously from $145.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $184.00 price target (up previously from $160.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $154.20.

In other Adobe Systems news, Director Daniel Rosensweig sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total value of $1,580,810.00. Following the completion of the sale, the director now directly owns 8,801 shares in the company, valued at $1,264,791.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $144.00, for a total transaction of $281,232.00. Following the completion of the sale, the executive vice president now owns 59,991 shares of the company’s stock, valued at $8,638,704. The disclosure for this sale can be found here. Insiders sold 102,239 shares of company stock valued at $14,877,475 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

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

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