Seaward Management Limited Partnership cut its position in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 10.9% during the second quarter, Holdings Channel reports. The firm owned 12,256 shares of the software company’s stock after selling 1,500 shares during the period. Seaward Management Limited Partnership’s holdings in Adobe Systems were worth $1,174,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Integrated Investment Consultants LLC raised its position in Adobe Systems by 231.4% in the second quarter. Integrated Investment Consultants LLC now owns 1,339 shares of the software company’s stock worth $128,000 after buying an additional 935 shares during the period. NEXT Financial Group Inc raised its position in Adobe Systems by 57.0% in the second quarter. NEXT Financial Group Inc now owns 1,440 shares of the software company’s stock worth $137,000 after buying an additional 523 shares during the period. Alpha Windward LLC raised its position in Adobe Systems by 1,019.3% in the second quarter. Alpha Windward LLC now owns 1,567 shares of the software company’s stock worth $150,000 after buying an additional 1,427 shares during the period. Macguire Cheswick & Tuttle Investment Counsel LLC raised its position in Adobe Systems by 4.7% in the second quarter. Macguire Cheswick & Tuttle Investment Counsel LLC now owns 2,250 shares of the software company’s stock worth $216,000 after buying an additional 100 shares during the period. Finally, Cypress Wealth Advisors LLC acquired a new position in Adobe Systems during the first quarter worth $231,000. 87.53% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.13% during midday trading on Thursday, reaching $107.92. 3,960,346 shares of the company were exchanged. The firm has a market capitalization of $53.78 billion, a PE ratio of 60.97 and a beta of 1.24. The company has a 50-day moving average of $101.10 and a 200 day moving average of $96.66. Adobe Systems Inc. has a 52 week low of $71.27 and a 52 week high of $108.50.

Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 17.86% and a return on equity of 15.12%. The company earned $1.46 billion during the quarter. During the same period in the prior year, the company posted $0.54 earnings per share. The company’s revenue was up 20.2% compared to the same quarter last year. Equities analysts predict that Adobe Systems Inc. will post $2.96 earnings per share for the current year.

A number of research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 19th. Vetr raised shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $92.54 price target on the stock in a research report on Thursday, August 25th. Stephens assumed coverage on shares of Adobe Systems in a research report on Wednesday, August 10th. They set an “overweight” rating and a $125.00 price target on the stock. Credit Suisse Group AG reissued a “neutral” rating and set a $105.00 price target on shares of Adobe Systems in a research report on Wednesday. Finally, Cowen and Company raised their price target on shares of Adobe Systems to $115.00 and gave the company an “outperform” rating in a research report on Friday, September 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have assigned a buy rating to the company. Adobe Systems currently has a consensus rating of “Buy” and an average price target of $110.17.

In other Adobe Systems news, CAO Richard Rowley sold 271 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $95.68, for a total transaction of $25,929.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Garrett sold 26,899 shares of the stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total transaction of $2,783,239.53. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.

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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