Private Advisor Group LLC cut its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 6.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,711 shares of the software company’s stock after selling 774 shares during the period. Private Advisor Group LLC’s holdings in Adobe Systems were worth $1,678,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. 1ST Source Bank increased its position in shares of Adobe Systems by 0.3% during the second quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after acquiring an additional 6 shares in the last quarter. Guardian Life Insurance Co. of America increased its position in shares of Adobe Systems by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock worth $250,000 after acquiring an additional 13 shares in the last quarter. Perigon Wealth Management LLC increased its position in shares of Adobe Systems by 0.4% during the first quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock worth $387,000 after acquiring an additional 13 shares in the last quarter. Trust Co. of Vermont increased its position in shares of Adobe Systems by 0.6% during the second quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock worth $372,000 after acquiring an additional 16 shares in the last quarter. Finally, Bank of Stockton increased its position in shares of Adobe Systems by 0.4% during the second quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock worth $743,000 after acquiring an additional 20 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

In other Adobe Systems news, Director Daniel Rosensweig sold 11,000 shares of Adobe Systems stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total transaction of $1,580,810.00. Following the transaction, the director now owns 8,801 shares of the company’s stock, valued at $1,264,791.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total transaction of $286,466.04. The disclosure for this sale can be found here. Insiders have sold 64,359 shares of company stock worth $9,449,192 in the last ninety days. Insiders own 0.38% of the company’s stock.

Several research firms have recently commented on ADBE. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research report on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and set a $175.00 target price on shares of Adobe Systems in a research report on Tuesday, September 12th. Wells Fargo & Company reissued a “hold” rating and set a $145.00 target price (up from $127.50) on shares of Adobe Systems in a research report on Wednesday. Credit Suisse Group reissued a “positive” rating and set a $170.00 target price (up from $160.00) on shares of Adobe Systems in a research report on Wednesday. Finally, Canaccord Genuity reissued a “buy” rating and set a $170.00 target price (up from $165.00) on shares of Adobe Systems in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $157.28.

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Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 149.30 on Friday. The company has a market cap of $73.67 billion, a price-to-earnings ratio of 52.00 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. The company’s 50-day moving average is $151.61 and its 200-day moving average is $140.16. Adobe Systems also saw unusually large options trading activity on Wednesday. Traders purchased 27,240 put options on the company. This is an increase of approximately 752% compared to the average volume of 3,199 put options.

Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the firm posted $0.75 earnings per share. The firm’s revenue was up 25.8% compared to the same quarter last year. Equities research analysts predict that Adobe Systems Incorporated will post $4.21 earnings per share for the current year.

Adobe Systems 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.

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

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