State Treasurer State of Michigan reduced its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 13.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 754,853 shares of the software company’s stock after selling 122,300 shares during the period. Adobe Systems makes up 0.8% of State Treasurer State of Michigan’s portfolio, making the stock its 23rd largest position. State Treasurer State of Michigan owned about 0.15% of Adobe Systems worth $106,766,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. FMR LLC boosted its stake in Adobe Systems by 0.4% in the first quarter. FMR LLC now owns 33,995,506 shares of the software company’s stock valued at $4,423,835,000 after buying an additional 139,986 shares during the period. Vanguard Group Inc. boosted its stake in Adobe Systems by 2.9% in the first quarter. Vanguard Group Inc. now owns 33,055,251 shares of the software company’s stock valued at $4,301,480,000 after buying an additional 937,118 shares during the period. BlackRock Inc. boosted its stake in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after buying an additional 30,228,013 shares during the period. State Street Corp boosted its stake in Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after buying an additional 234,270 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Adobe Systems by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock valued at $693,890,000 after buying an additional 349,088 shares during the period. Institutional investors and hedge funds own 87.64% of the company’s stock.
Shares of Adobe Systems Incorporated (ADBE) opened at 151.80 on Thursday. The stock has a market capitalization of $74.90 billion, a price-to-earnings ratio of 52.87 and a beta of 1.00. Adobe Systems Incorporated has a 1-year low of $97.87 and a 1-year high of $151.99. The firm’s 50-day moving average is $146.27 and its 200-day moving average is $134.01.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the business posted $0.71 EPS. Adobe Systems’s revenue for the quarter was up 26.7% on a year-over-year basis. On average, analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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Several equities analysts have recently commented on the stock. Bank of America Corporation restated a “buy” rating and issued a $184.00 price objective (up from $160.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Pivotal Research lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and increased their target price for the stock from $109.00 to $112.00 in a report on Monday, June 12th. Morgan Stanley reissued an “equal weight” rating and issued a $137.00 price objective on shares of Adobe Systems in a research report on Friday, June 16th. Barclays PLC increased their target price on shares of Adobe Systems from $155.00 to $161.00 and gave the company an “overweight” rating in a research report on Wednesday, June 21st. Finally, Citigroup Inc. restated a “buy” rating and issued a $161.00 target price (up previously from $141.00) on shares of Adobe Systems in a research note on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $154.20.
In other Adobe Systems news, Director Daniel Rosensweig sold 11,000 shares of the company’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $143.71, for a total value of $1,580,810.00. Following the transaction, the director now directly owns 8,801 shares of the company’s stock, valued at approximately $1,264,791.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Ann Lewnes sold 1,953 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total value of $286,466.04. The disclosure for this sale can be found here. Insiders sold a total of 102,239 shares of company stock worth $14,877,475 in the last 90 days. Company insiders own 0.38% of the company’s stock.
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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