AO Asset Management LLC Sells 51,200 Shares of Adobe Systems Incorporated (ADBE)
AO Asset Management LLC decreased its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 27.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,900 shares of the software company’s stock after selling 51,200 shares during the period. Adobe Systems accounts for approximately 4.4% of AO Asset Management LLC’s portfolio, making the stock its 12th largest position. AO Asset Management LLC’s holdings in Adobe Systems were worth $17,555,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of ADBE. UBS Asset Management Americas Inc. raised 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 during the period. Egerton Capital UK LLP bought a new stake in shares of Adobe Systems during the first quarter worth about $209,666,000. Pioneer Investment Management Inc. bought a new stake in shares of Adobe Systems during the first quarter worth about $201,774,000. Wellington Management Group LLP raised 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 during the period. Finally, Swedbank bought a new stake in shares of Adobe Systems during the first quarter worth about $129,983,000. Institutional investors own 87.84% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 147.89 on Wednesday. The company’s 50 day moving average is $142.25 and its 200-day moving average is $128.55. Adobe Systems Incorporated has a 52 week low of $95.42 and a 52 week high of $147.96. The company has a market capitalization of $72.97 billion, a PE ratio of 51.51 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The business’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.71 earnings per share. On average, analysts expect that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.
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A number of analysts recently issued reports on ADBE shares. Barclays PLC started coverage on shares of Adobe Systems in a research note on Tuesday, May 2nd. They issued an “overweight” rating and a $155.00 price target for the company. Guggenheim started coverage on shares of Adobe Systems in a research note on Wednesday, April 12th. They issued a “buy” rating and a $155.00 price target for the company. Credit Suisse Group upgraded shares of Adobe Systems from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $125.00 to $150.00 in a research note on Friday, March 24th. BTIG Research upgraded shares of Adobe Systems from a “neutral” rating to a “buy” rating and set a $151.00 price target for the company in a research note on Monday, March 27th. Finally, Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price target for the company in a research note on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $153.20.
In related news, EVP Ann Lewnes sold 2,233 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $135.86, for a total value of $303,375.38. Following the transaction, the executive vice president now owns 64,177 shares in the company, valued at $8,719,087.22. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John E. Warnock sold 32,600 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the transaction, the director now owns 16,088 shares in the company, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. Insiders have sold 80,019 shares of company stock worth $11,527,134 in the last 90 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.
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