Russell Investments Group Ltd. reduced its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 28.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 860,001 shares of the software company’s stock after selling 345,487 shares during the quarter. Russell Investments Group Ltd. owned 0.18% of Adobe Systems worth $208,702,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its holdings in Adobe Systems by 3.6% in the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock worth $7,316,684,000 after purchasing an additional 1,185,325 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Adobe Systems by 2.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock worth $1,740,637,000 after purchasing an additional 141,525 shares in the last quarter. Polen Capital Management LLC increased its holdings in Adobe Systems by 1.6% in the 1st quarter. Polen Capital Management LLC now owns 6,461,486 shares of the software company’s stock worth $1,396,198,000 after purchasing an additional 99,181 shares in the last quarter. Winslow Capital Management LLC increased its holdings in Adobe Systems by 31.2% in the 1st quarter. Winslow Capital Management LLC now owns 2,044,847 shares of the software company’s stock worth $441,850,000 after purchasing an additional 485,801 shares in the last quarter. Finally, Swedbank increased its holdings in Adobe Systems by 3.8% in the 2nd quarter. Swedbank now owns 1,820,343 shares of the software company’s stock worth $443,818,000 after purchasing an additional 66,223 shares in the last quarter. Institutional investors and hedge funds own 86.51% of the company’s stock.

In related news, EVP Ann Lewnes sold 2,939 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $253.80, for a total transaction of $745,918.20. Following the completion of the sale, the executive vice president now owns 61,498 shares of the company’s stock, valued at $15,608,192.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles M. Geschke sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $255.19, for a total value of $1,531,140.00. The disclosure for this sale can be found here. Insiders have sold 25,324 shares of company stock valued at $6,511,829 in the last ninety days. 0.33% of the stock is currently owned by insiders.

A number of equities analysts have issued reports on the company. BMO Capital Markets upped their target price on Adobe Systems from $260.00 to $278.00 and gave the stock an “outperform” rating in a report on Friday, June 15th. Stifel Nicolaus upped their target price on Adobe Systems from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, June 15th. Canaccord Genuity reaffirmed a “buy” rating and issued a $280.00 target price (up previously from $245.00) on shares of Adobe Systems in a report on Friday, June 15th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $290.00 target price on shares of Adobe Systems in a report on Friday, June 15th. Finally, BidaskClub cut Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Monday, June 18th. Ten equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Adobe Systems presently has a consensus rating of “Buy” and an average target price of $241.76.

Shares of ADBE stock opened at $245.70 on Monday. The stock has a market capitalization of $124.23 billion, a PE ratio of 68.44, a P/E/G ratio of 2.76 and a beta of 1.12. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22. Adobe Systems Incorporated has a 1-year low of $143.95 and a 1-year high of $263.83.

Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.54 by $0.12. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the firm posted $1.02 earnings per share. The firm’s revenue was up 23.9% on a year-over-year basis. research analysts predict that Adobe Systems Incorporated will post 5.61 earnings per share for the current year.

Adobe Systems announced that its board has approved a stock repurchase program on Monday, May 21st that allows the company to buyback $8.00 billion in shares. This buyback authorization allows the software company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Adobe Systems Profile

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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

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