Adobe Systems Incorporated (ADBE) Shares Sold by Harfst & Associates Inc.
Harfst & Associates Inc. lowered its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 5.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,720 shares of the software company’s stock after selling 215 shares during the quarter. Adobe Systems accounts for approximately 0.2% of Harfst & Associates Inc.’s holdings, making the stock its 25th biggest holding. Harfst & Associates Inc.’s holdings in Adobe Systems were worth $526,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in ADBE. Waldron LP boosted its position in shares of Adobe Systems by 96.9% in the 1st quarter. Waldron LP now owns 5,487 shares of the software company’s stock worth $689,000 after buying an additional 2,701 shares in the last quarter. Autus Asset Management LLC purchased a new position in Adobe Systems during the 1st quarter valued at about $1,841,000. DE Burlo Group Inc. increased its holdings in Adobe Systems by 47.0% during the 1st quarter. DE Burlo Group Inc. now owns 105,300 shares of the software company’s stock valued at $13,702,000 after acquiring an additional 33,650 shares in the last quarter. Balasa Dinverno & Foltz LLC purchased a new position in Adobe Systems during the 1st quarter valued at about $212,000. Finally, Allegis Investment Advisors LLC increased its holdings in Adobe Systems by 180.3% during the 1st quarter. Allegis Investment Advisors LLC now owns 6,567 shares of the software company’s stock valued at $855,000 after acquiring an additional 4,224 shares in the last quarter. Institutional investors and hedge funds own 87.43% of the company’s stock.
ADBE has been the subject of a number of research reports. BMO Capital Markets restated an “outperform” rating on shares of Adobe Systems in a research report on Tuesday, September 12th. Jefferies Group LLC reiterated a “buy” rating and issued a $175.00 price target on shares of Adobe Systems in a research report on Tuesday, September 12th. Canaccord Genuity reiterated a “buy” rating and issued a $170.00 price target (up from $165.00) on shares of Adobe Systems in a research report on Wednesday, September 20th. Wells Fargo & Company reissued a “hold” rating and set a $145.00 price objective (up from $127.50) on shares of Adobe Systems in a research note on Wednesday, September 20th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $163.00 price objective on shares of Adobe Systems in a research note on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $158.25.
Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 148.60 on Wednesday. The stock has a 50 day moving average price of $151.65 and a 200 day moving average price of $142.05. The stock has a market cap of $73.25 billion, a P/E ratio of 46.71 and a beta of 0.98. Adobe Systems Incorporated has a 12 month low of $98.00 and a 12 month high of $157.89.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 earnings per share. Equities analysts anticipate that Adobe Systems Incorporated will post $4.22 EPS for the current fiscal year.
In related news, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction on Friday, July 21st. The shares were sold at an average price of $149.38, for a total value of $1,867,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at approximately $8,784,773.28. The disclosure for this sale can be found here. Insiders sold 53,359 shares of company stock valued at $7,868,382 over the last quarter. Corporate insiders own 0.38% of the company’s stock.
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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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