Adobe Systems Incorporated (ADBE) Shares Sold by Seaward Management Limited Partnership
Seaward Management Limited Partnership decreased its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 1.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 11,756 shares of the software company’s stock after selling 150 shares during the period. Seaward Management Limited Partnership’s holdings in Adobe Systems were worth $1,662,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of ADBE. Wesbanco Bank Inc. boosted its position in shares of Adobe Systems by 33.3% in the first quarter. Wesbanco Bank Inc. now owns 38,550 shares of the software company’s stock valued at $5,016,000 after buying an additional 9,630 shares during the period. Whittier Trust Co. boosted its position in shares of Adobe Systems by 15.9% in the first quarter. Whittier Trust Co. now owns 2,848 shares of the software company’s stock valued at $371,000 after buying an additional 390 shares during the period. Deltec Asset Management LLC boosted its position in shares of Adobe Systems by 21.5% in the first quarter. Deltec Asset Management LLC now owns 45,186 shares of the software company’s stock valued at $5,880,000 after buying an additional 8,000 shares during the period. IFP Advisors Inc boosted its position in shares of Adobe Systems by 3.0% in the first quarter. IFP Advisors Inc now owns 4,491 shares of the software company’s stock valued at $584,000 after buying an additional 132 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Adobe Systems by 24.4% in the first quarter. Russell Investments Group Ltd. now owns 1,332,572 shares of the software company’s stock valued at $173,388,000 after buying an additional 261,136 shares during the period. Institutional investors own 87.53% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 151.79 on Tuesday. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $153.00. The company’s 50-day moving average price is $147.88 and its 200-day moving average price is $135.68. The firm has a market cap of $74.89 billion, a PE ratio of 52.87 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ 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 the consensus estimate of $1.73 billion. During the same period in the prior year, the firm posted $0.71 EPS. The firm’s quarterly revenue was up 26.7% compared to the same quarter last year. Equities analysts expect that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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Several equities analysts have recently issued reports on the company. Jefferies Group LLC assumed coverage on Adobe Systems in a research report on Thursday, August 24th. They set a “buy” rating and a $175.00 price target on the stock. Bank of America Corporation lifted their target price on Adobe Systems from $108.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 target price on the stock in a report on Tuesday, July 18th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $157.00 target price on shares of Adobe Systems in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating, five 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 currently has an average rating of “Buy” and an average price target of $152.71.
In other Adobe Systems news, EVP Ann Lewnes sold 2,233 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total value of $311,034.57. Following the transaction, the executive vice president now directly owns 61,944 shares in the company, valued at $8,628,179.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $150.00, for a total transaction of $1,500,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 102,239 shares of company stock worth $14,877,475. Corporate insiders own 0.38% of the company’s stock.
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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