Segall Bryant & Hamill LLC cut its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 7.6% in the 1st quarter, Holdings Channel reports. The firm owned 542,412 shares of the software company’s stock after selling 44,766 shares during the quarter. Adobe Systems comprises approximately 2.7% of Segall Bryant & Hamill LLC’s holdings, making the stock its biggest position. Segall Bryant & Hamill LLC’s holdings in Adobe Systems were worth $117,204,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ADBE. Avestar Capital LLC acquired a new position in shares of Adobe Systems during the fourth quarter worth approximately $109,000. Reilly Financial Advisors LLC raised its stake in Adobe Systems by 85.2% during the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock valued at $124,000 after purchasing an additional 265 shares during the period. Exchange Capital Management Inc. acquired a new stake in Adobe Systems during the 1st quarter valued at $125,000. Rainier Group Investment Advisory LLC acquired a new stake in Adobe Systems during the 1st quarter valued at $130,000. Finally, Archford Capital Strategies LLC acquired a new stake in Adobe Systems during the 1st quarter valued at $136,000. 85.94% of the stock is owned by institutional investors.

Adobe Systems stock traded up $1.18 during mid-day trading on Thursday, hitting $257.31. 44,983 shares of the company’s stock were exchanged, compared to its average volume of 2,862,453. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.12 and a quick ratio of 2.12. The company has a market capitalization of $123.61 billion, a price-to-earnings ratio of 71.99, a PEG ratio of 2.90 and a beta of 1.08. Adobe Systems Incorporated has a 1-year low of $134.45 and a 1-year high of $257.90.

Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, March 15th. The software company reported $1.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.11. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The business’s quarterly revenue was up 23.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.43) earnings per share. sell-side analysts anticipate that Adobe Systems Incorporated will post 5.35 earnings per share for the current year.

Adobe Systems announced that its board has initiated a share buyback plan on Monday, May 21st that permits the company to buyback $8.00 billion in shares. This buyback authorization permits the software company to purchase up to 6.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other Adobe Systems news, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 20th. The shares were sold at an average price of $224.94, for a total transaction of $1,124,700.00. Following the completion of the sale, the director now directly owns 16,088 shares in the company, valued at $3,618,834.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ann Lewnes sold 2,942 shares of the company’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $236.59, for a total transaction of $696,047.78. Following the sale, the executive vice president now owns 70,322 shares of the company’s stock, valued at $16,637,481.98. The disclosure for this sale can be found here. Insiders have sold 46,819 shares of company stock valued at $10,451,729 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Several brokerages have issued reports on ADBE. KeyCorp boosted their target price on shares of Adobe Systems to $252.00 and gave the company an “overweight” rating in a research note on Friday, March 16th. Jefferies Financial Group boosted their target price on shares of Adobe Systems to $263.00 and gave the company a “buy” rating in a research note on Friday, March 16th. DZ Bank raised shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 20th. Stifel Nicolaus boosted their target price on shares of Adobe Systems from $210.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, March 12th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $235.00 price target (up from $210.00) on shares of Adobe Systems in a research note on Friday, March 16th. Ten analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $223.03.

About Adobe Systems

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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