Palisades Hudson Asset Management L.P. Lowers Position in Adobe Systems Incorporated (ADBE)

Palisades Hudson Asset Management L.P. trimmed its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 27.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,338 shares of the software company’s stock after selling 890 shares during the quarter. Palisades Hudson Asset Management L.P.’s holdings in Adobe Systems were worth $331,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. FMR LLC lifted its stake in shares of Adobe Systems by 0.4% during the first quarter. FMR LLC now owns 33,995,506 shares of the software company’s stock worth $4,423,835,000 after buying an additional 139,986 shares during the period. Vanguard Group Inc. lifted its stake in shares of Adobe Systems by 2.9% during the first quarter. Vanguard Group Inc. now owns 33,055,251 shares of the software company’s stock worth $4,301,480,000 after buying an additional 937,118 shares during the period. BlackRock Inc. lifted its stake in shares of Adobe Systems by 1,894.1% during the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after buying an additional 30,228,013 shares during the period. State Street Corp lifted its stake in shares of Adobe Systems by 1.2% during the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after buying an additional 234,270 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Adobe Systems by 7.0% during the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock worth $693,890,000 after buying an additional 349,088 shares during the period. 87.53% of the stock is currently owned by institutional investors.

ADBE has been the subject of a number of research reports. Royal Bank Of Canada boosted their target price on shares of Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research report on Thursday, May 25th. Vetr downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 target price for the company. in a research report on Thursday, May 25th. BMO Capital Markets restated an “outperform” rating and set a $160.00 target price (up from $140.00) on shares of Adobe Systems in a research report on Friday, June 9th. Pivotal Research downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and boosted their target price for the company from $109.00 to $112.00 in a research report on Monday, June 12th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $161.00 price objective (up previously from $141.00) on shares of Adobe Systems in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. Adobe Systems presently has a consensus rating of “Buy” and a consensus price target of $153.88.

In other news, CMO Ann Lewnes sold 1,953 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total value of $286,466.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John E. Warnock sold 32,600 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The disclosure for this sale can be found here. Insiders have sold 100,006 shares of company stock valued at $14,566,440 in the last ninety days. Company insiders own 0.38% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This article was originally reported by BBNS and is the sole property of of BBNS. If you are reading this article on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The correct version of this article can be accessed at https://baseballnewssource.com/markets/palisades-hudson-asset-management-l-p-has-331000-position-in-adobe-systems-incorporated-adbe/1583936.html.

Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded down 0.28% during mid-day trading on Wednesday, reaching $155.88. 486,725 shares of the company were exchanged. The company’s 50-day moving average is $150.45 and its 200 day moving average is $138.85. The firm has a market capitalization of $76.91 billion, a price-to-earnings ratio of 54.29 and a beta of 1.00. Adobe Systems Incorporated has a 12 month low of $98.00 and a 12 month high of $157.89.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. The firm had revenue of $1.77 billion during 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 company’s revenue 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. Analysts predict that Adobe Systems Incorporated will post $4.06 EPS 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.

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

Receive News & Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related companies with our FREE daily email newsletter.

 


Latest News

New Home Run Record Reached in Major League Baseball
New Home Run Record Reached in Major League Baseball
Will 2017 MLB Season End with No 20-Game Winner?
Will 2017 MLB Season End with No 20-Game Winner?
Cleveland Indians Winning Streak Snapped at 22
Cleveland Indians Winning Streak Snapped at 22
Tigers Player Might Play All Nine Positions During Same Game
Tigers Player Might Play All Nine Positions During Same Game
Fans Kicked Out of Fenway Park After Racist Banner Hung on Green Monster
Fans Kicked Out of Fenway Park After Racist Banner Hung on Green Monster
Dodgers End Losing Streak at 11 Behind Ace Clayton Kershaw
Dodgers End Losing Streak at 11 Behind Ace Clayton Kershaw


Leave a Reply

 
© 2006-2017 BBNS.