Adobe Systems Incorporated (ADBE) Shares Sold by Chevy Chase Trust Holdings Inc.
Chevy Chase Trust Holdings Inc. cut its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 433,738 shares of the software company’s stock after selling 775 shares during the period. Chevy Chase Trust Holdings Inc.’s holdings in Adobe Systems were worth $61,348,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after buying an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of Adobe Systems by 92.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock worth $438,907,000 after buying an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP purchased a new stake in shares of Adobe Systems during the first quarter worth approximately $209,666,000. Pioneer Investment Management Inc. purchased a new stake in shares of Adobe Systems during the first quarter worth approximately $201,774,000. Finally, Wellington Management Group LLP increased its stake in shares of Adobe Systems by 40.3% in the first quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock worth $521,737,000 after buying an additional 1,152,281 shares in the last quarter. 87.64% of the stock is currently owned by hedge funds and other institutional investors.
Adobe Systems Incorporated (ADBE) traded up 0.96% during midday trading on Wednesday, hitting $151.81. The stock had a trading volume of 539,145 shares. The stock has a market cap of $74.90 billion, a price-to-earnings ratio of 52.88 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $97.87 and a 1-year high of $151.99. The company has a 50-day moving average of $146.01 and a 200-day moving average of $133.88.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the company earned $0.71 EPS. Adobe Systems’s revenue was up 26.7% compared to the same quarter last year. Equities research analysts forecast that Adobe Systems Incorporated will post $4.06 EPS for the current year.
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A number of brokerages have commented on ADBE. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Vetr downgraded Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price objective for the company. in a research report on Thursday, May 25th. Pivotal Research reiterated a “sell” rating and issued a $114.00 price objective (up previously from $112.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. Piper Jaffray Companies raised their price objective on Adobe Systems from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 21st. Finally, Stifel Nicolaus raised their price objective on Adobe Systems from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems has an average rating of “Buy” and an average price target of $154.20.
In other news, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total value of $311,034.57. Following the completion of the transaction, the executive vice president now directly owns 61,944 shares in the company, valued at approximately $8,628,179.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Donna Morris sold 10,000 shares of the stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. Insiders sold a total of 102,239 shares of company stock valued at $14,877,475 over the last quarter. 0.38% of the stock is owned by corporate 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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