Lord Abbett & CO. LLC Trims Position in Adobe Systems Incorporated (ADBE)
Lord Abbett & CO. LLC cut its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 1.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 232,808 shares of the software company’s stock after selling 2,308 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Adobe Systems were worth $32,928,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Aviva PLC raised its holdings in Adobe Systems by 0.4% during the second quarter. Aviva PLC now owns 312,394 shares of the software company’s stock worth $44,194,000 after purchasing an additional 1,250 shares during the last quarter. Morgan Stanley raised its holdings in Adobe Systems by 52.2% during the first quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock worth $211,367,000 after purchasing an additional 557,169 shares during the last quarter. Arcadia Investment Management Corp MI raised its holdings in Adobe Systems by 6.9% during the second quarter. Arcadia Investment Management Corp MI now owns 34,547 shares of the software company’s stock worth $4,886,000 after purchasing an additional 2,242 shares during the last quarter. Gofen & Glossberg LLC IL raised its holdings in Adobe Systems by 2.7% during the first quarter. Gofen & Glossberg LLC IL now owns 25,943 shares of the software company’s stock worth $3,376,000 after purchasing an additional 673 shares during the last quarter. Finally, BARING ASSET MANAGEMENT Ltd raised its holdings in Adobe Systems by 12.0% during the second quarter. BARING ASSET MANAGEMENT Ltd now owns 26,699 shares of the software company’s stock worth $3,776,000 after purchasing an additional 2,864 shares during the last quarter. 87.49% of the stock is owned by hedge funds and other institutional investors.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares in the company, valued at $8,784,773.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 5,859 shares of company stock worth $887,931 over the last three months. Company insiders own 0.38% of the company’s stock.
ADBE has been the subject of several research reports. BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 24th. KeyCorp reaffirmed a “buy” rating on shares of Adobe Systems in a report on Sunday, June 25th. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. Vetr raised Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price objective for the company in a report on Tuesday, July 18th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 price objective on shares of Adobe Systems in a report on Monday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $168.59.
Adobe Systems Incorporated (ADBE) opened at 175.64 on Friday. Adobe Systems Incorporated has a 52 week low of $98.00 and a 52 week high of $175.87. The firm’s 50 day moving average price is $153.06 and its 200-day moving average price is $144.36. The firm has a market cap of $86.58 billion, a PE ratio of 55.22 and a beta of 0.98.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. On average, analysts forecast that Adobe Systems Incorporated will post $4.22 EPS for the current year.
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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.
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