Louisiana State Employees Retirement System reduced its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 2.6% during the first quarter, Holdings Channel reports. The firm owned 30,500 shares of the software company’s stock after selling 800 shares during the period. Louisiana State Employees Retirement System’s holdings in Adobe Systems were worth $3,969,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ADBE. Savant Capital LLC raised its position in Adobe Systems by 0.3% in the third quarter. Savant Capital LLC now owns 3,455 shares of the software company’s stock worth $375,000 after buying an additional 10 shares in the last quarter. Trust Co raised its position in Adobe Systems by 0.6% in the fourth quarter. Trust Co now owns 2,677 shares of the software company’s stock worth $275,000 after buying an additional 15 shares in the last quarter. Alpha Windward LLC raised its position in Adobe Systems by 0.9% in the first quarter. Alpha Windward LLC now owns 1,655 shares of the software company’s stock worth $215,000 after buying an additional 15 shares in the last quarter. HBK Sorce Advisory LLC raised its position in Adobe Systems by 0.5% in the third quarter. HBK Sorce Advisory LLC now owns 4,788 shares of the software company’s stock worth $520,000 after buying an additional 25 shares in the last quarter. Finally, Perigon Wealth Management LLC raised its position in Adobe Systems by 1.0% in the fourth quarter. Perigon Wealth Management LLC now owns 2,959 shares of the software company’s stock worth $355,000 after buying an additional 29 shares in the last quarter. Institutional investors own 87.25% of the company’s stock.

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

Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded down 0.30% during midday trading on Tuesday, reaching $129.60. 640,451 shares of the company’s stock traded hands. The stock’s 50 day moving average is $125.42 and its 200-day moving average is $112.89. The company has a market capitalization of $64.11 billion, a PE ratio of 49.48 and a beta of 1.06. Adobe Systems Incorporated has a 52 week low of $90.35 and a 52 week high of $131.33.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 16th. The software company reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.07. Adobe Systems had a return on equity of 17.23% and a net margin of 19.96%. The firm earned $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the company earned $0.66 earnings per share. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, analysts forecast that Adobe Systems Incorporated will post $3.95 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “Adobe Systems Incorporated (ADBE) Stake Cut by Louisiana State Employees Retirement System” was first published by Daily Political and is the property of of Daily Political. If you are accessing this story on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this story can be read at https://www.dailypolitical.com/2017/04/18/adobe-systems-incorporated-adbe-stake-cut-by-louisiana-state-employees-retirement-system.html.

ADBE has been the subject of a number of recent research reports. Vetr raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $117.99 price target for the company in a research report on Monday, January 30th. Goldman Sachs Group Inc reissued a “neutral” rating and set a $121.00 price target (up from $114.00) on shares of Adobe Systems in a research report on Saturday, March 11th. Credit Suisse Group AG raised shares of Adobe Systems from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $125.00 to $150.00 in a research report on Friday, March 24th. Pivotal Research raised their price target on shares of Adobe Systems from $104.00 to $109.00 and gave the stock a “hold” rating in a research report on Friday, March 17th. Finally, Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $141.00 price target for the company in a research report on Wednesday, March 22nd. Five investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $133.63.

In related news, Director James E. Daley sold 10,000 shares of the stock in a transaction on Friday, January 20th. The stock was sold at an average price of $110.02, for a total transaction of $1,100,200.00. Following the completion of the sale, the director now directly owns 38,086 shares of the company’s stock, valued at $4,190,221.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $125.00, for a total value of $279,125.00. Following the sale, the executive vice president now directly owns 68,643 shares of the company’s stock, valued at $8,580,375. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 403,358 shares of company stock valued at $46,988,672. Corporate insiders own 0.43% 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.

5 Day Chart for NASDAQ:ADBE

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Incorporated (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 MarketBeat.com's FREE daily email newsletter.