Aviance Capital Partners LLC Sells 1,120 Shares of Adobe Systems Incorporated (ADBE)
Aviance Capital Partners LLC reduced its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 11.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,318 shares of the software company’s stock after selling 1,120 shares during the period. Aviance Capital Partners LLC’s holdings in Adobe Systems were worth $1,241,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. OZ Management LP bought a new stake in Adobe Systems during the first quarter worth about $9,369,000. United Capital Financial Advisers LLC raised its holdings in Adobe Systems by 5.8% during the first quarter. United Capital Financial Advisers LLC now owns 34,897 shares of the software company’s stock worth $4,541,000 after acquiring an additional 1,902 shares in the last quarter. Invictus RG bought a new stake in Adobe Systems during the first quarter worth about $676,000. Dynamic Capital Management Ltd raised its holdings in Adobe Systems by 813.0% during the first quarter. Dynamic Capital Management Ltd now owns 113,484 shares of the software company’s stock worth $14,768,000 after acquiring an additional 101,054 shares in the last quarter. Finally, Brown Advisory Securities LLC raised its holdings in Adobe Systems by 0.5% during the first quarter. Brown Advisory Securities LLC now owns 4,368 shares of the software company’s stock worth $569,000 after acquiring an additional 21 shares in the last quarter. 87.21% of the stock is owned by institutional investors.
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In other Adobe Systems news, Director John E. Warnock sold 6,800 shares of Adobe Systems stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $174.20, for a total transaction of $1,184,560.00. Following the completion of the transaction, the director now owns 16,088 shares in the company, valued at approximately $2,802,529.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, September 13th. The shares were 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 of the company’s stock, valued at approximately $8,784,773.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,849 shares of company stock valued at $2,519,679. 0.38% of the stock is currently owned by company insiders.
Several analysts recently issued reports on the company. Citigroup Inc. upped their target price on Adobe Systems from $163.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. Credit Suisse Group reiterated a “positive” rating and set a $170.00 target price (up previously from $160.00) on shares of Adobe Systems in a report on Wednesday, September 20th. Robert W. Baird reiterated a “buy” rating and set a $160.00 target price on shares of Adobe Systems in a report on Friday, September 1st. J P Morgan Chase & Co reiterated a “buy” rating and set a $185.00 target price on shares of Adobe Systems in a report on Thursday, October 19th. Finally, Pivotal Research upgraded Adobe Systems from a “sell” rating to a “hold” rating and upped their target price for the stock from $118.00 to $160.00 in a report on Wednesday, October 18th. Six equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $175.43.
Adobe Systems Incorporated (NASDAQ ADBE) traded down $1.25 during mid-day trading on Thursday, hitting $182.90. The stock had a trading volume of 1,456,029 shares, compared to its average volume of 2,403,946. Adobe Systems Incorporated has a 1 year low of $98.00 and a 1 year high of $185.55. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.05 and a current ratio of 2.05. The company has a market cap of $90,775.45, a price-to-earnings ratio of 55.47, a PEG ratio of 3.13 and a beta of 1.05.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion during 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%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the company posted $0.75 EPS. equities analysts forecast that Adobe Systems Incorporated will post 3.46 earnings per share for the current year.
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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