Pinebridge Investments L.P. Trims Stake in Adobe Systems Incorporated (ADBE)
Pinebridge Investments L.P. lessened its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 12.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 147,345 shares of the software company’s stock after selling 20,353 shares during the period. Pinebridge Investments L.P.’s holdings in Adobe Systems were worth $20,840,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. lifted its stake in Adobe Systems by 8.2% in the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after acquiring an additional 2,621,275 shares during the period. FMR LLC grew its holdings in Adobe Systems by 0.4% during the 1st quarter. FMR LLC now owns 33,995,506 shares of the software company’s stock worth $4,423,835,000 after acquiring an additional 139,986 shares in the last quarter. Vanguard Group Inc. grew its holdings in Adobe Systems by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 33,055,251 shares of the software company’s stock worth $4,301,480,000 after acquiring an additional 937,118 shares in the last quarter. State Street Corp grew its holdings in Adobe Systems by 1.2% during the 1st quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after acquiring an additional 234,270 shares in the last quarter. Finally, Polen Capital Management LLC grew its holdings in Adobe Systems by 31.5% during the 2nd quarter. Polen Capital Management LLC now owns 6,062,530 shares of the software company’s stock worth $857,484,000 after acquiring an additional 1,452,892 shares in the last quarter. 87.43% of the stock is owned by hedge funds and other institutional investors.
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In related news, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total value of $281,232.00. Following the completion of the transaction, the executive vice president now owns 59,991 shares in the company, valued at approximately $8,638,704. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 53,359 shares of company stock worth $7,868,382. 0.38% of the stock is currently owned by company insiders.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 149.18 on Monday. The company’s 50-day moving average price is $151.61 and its 200 day moving average price is $140.16. Adobe Systems Incorporated has a 12-month low of $98.00 and a 12-month high of $157.89. The firm has a market capitalization of $73.54 billion, a price-to-earnings ratio of 46.90 and a beta of 0.99.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same period last year, the firm posted $0.75 EPS. Adobe Systems’s revenue for the quarter was up 25.8% on a year-over-year basis. On average, equities research analysts forecast that Adobe Systems Incorporated will post $4.22 EPS for the current fiscal year.
A number of research analysts have commented on the stock. Zacks Investment Research downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating in a research report on Thursday, September 14th. Vetr cut shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target for the company. in a research report on Thursday, August 31st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $137.00 price target on shares of Adobe Systems in a research report on Friday, June 16th. Royal Bank Of Canada reiterated a “buy” rating and set a $157.00 price objective on shares of Adobe Systems in a research note on Monday, July 31st. Finally, BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Adobe Systems presently has an average rating of “Buy” and an average price target of $158.25.
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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