Decatur Capital Management Inc. trimmed its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 50.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,398 shares of the software company’s stock after selling 35,075 shares during the quarter. Decatur Capital Management Inc.’s holdings in Adobe Systems were worth $5,131,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADBE. Capital Advisors Ltd. LLC acquired a new position in shares of Adobe Systems during the 2nd quarter worth approximately $100,000. CWM LLC raised its stake in shares of Adobe Systems by 11.8% during the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock worth $106,000 after buying an additional 79 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Adobe Systems by 170.3% during the 3rd quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock worth $135,000 after buying an additional 567 shares during the period. Sumitomo Mitsui Financial Group Inc. acquired a new position in shares of Adobe Systems during the 2nd quarter worth approximately $141,000. Finally, Acrospire Investment Management LLC raised its stake in shares of Adobe Systems by 100.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock worth $141,000 after buying an additional 500 shares during the period. 87.64% of the stock is owned by institutional investors and hedge funds.

Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the previous year, the business earned $0.75 earnings per share. The firm’s quarterly revenue was up 25.8% compared to the same quarter last year.

Several research analysts have recently weighed in on the company. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $172.83 target price for the company in a research note on Thursday. BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Piper Jaffray Companies reissued a “buy” rating and issued a $180.00 price objective on shares of Adobe Systems in a research note on Tuesday, September 12th. Barclays PLC reissued a “buy” rating and issued a $167.00 price objective on shares of Adobe Systems in a research note on Friday, September 15th. Finally, Wells Fargo & Company reissued a “hold” rating and issued a $145.00 price objective (up from $127.50) on shares of Adobe Systems in a research note on Wednesday, September 20th. Seven analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $170.06.

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In related news, EVP Matthew Thompson sold 2,190 shares of the stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $173.42, for a total value of $379,789.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Ann Lewnes sold 1,953 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total value of $286,466.04. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock valued at $2,452,281 in the last ninety days. Company insiders own 0.38% of the company’s stock.

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.

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

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