Alliancebernstein L.P. Sells 185,110 Shares of Adobe Systems Incorporated (ADBE)
Alliancebernstein L.P. cut its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 4.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,860,435 shares of the software company’s stock after selling 185,110 shares during the quarter. Alliancebernstein L.P. owned 0.78% of Adobe Systems worth $546,020,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Clean Yield Group purchased a new position in shares of Adobe Systems in the first quarter valued at $100,000. Capital Advisors Ltd. LLC purchased a new position in shares of Adobe Systems in the second quarter valued at $100,000. CWM LLC grew its holdings in shares of Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after purchasing an additional 79 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. grew its holdings in shares of Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares in the last quarter. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new position in shares of Adobe Systems in the second quarter valued at $141,000. 87.40% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the stock. Canaccord Genuity reissued a “buy” rating and issued a $170.00 target price (up from $165.00) on shares of Adobe Systems in a report on Wednesday. Royal Bank Of Canada reissued a “buy” rating on shares of Adobe Systems in a report on Wednesday. Vetr raised shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $146.89 target price for the company in a report on Wednesday. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Adobe Systems in a report on Wednesday. Finally, Robert W. Baird reissued an “outperform” rating and issued a $160.00 target price on shares of Adobe Systems in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $157.28.
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In other news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the transaction, the executive vice president now owns 56,356 shares in the company, valued at approximately $8,784,773.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Donna Morris sold 10,000 shares of the stock in a transaction dated 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 64,359 shares of company stock worth $9,449,192 in the last ninety days. 0.38% of the stock is owned by corporate insiders.
Adobe Systems Incorporated (NASDAQ:ADBE) opened at 148.50 on Friday. The firm has a 50-day moving average price of $151.61 and a 200 day moving average price of $140.16. The stock has a market cap of $73.27 billion, a price-to-earnings ratio of 51.72 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $98.00 and a 1-year high of $157.89. Adobe Systems also saw some unusual options trading on Wednesday. Traders purchased 27,240 put options on the company. This is an increase of approximately 752% compared to the average volume of 3,199 put options.
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 analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. Adobe Systems’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 EPS. On average, equities research analysts anticipate that Adobe Systems Incorporated will post $4.22 EPS for the current fiscal year.
Adobe Systems 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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