Ardevora Asset Management LLP Lowers Position in Adobe Systems Incorporated (ADBE)
Ardevora Asset Management LLP trimmed its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 8.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 175,500 shares of the software company’s stock after selling 15,500 shares during the period. Ardevora Asset Management LLP’s holdings in Adobe Systems were worth $26,181,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Advisors Ltd. LLC bought a new position in Adobe Systems during the second quarter valued at about $100,000. CWM LLC increased its stake in Adobe Systems by 11.8% during the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after acquiring an additional 79 shares during the period. Parkside Financial Bank & Trust increased its stake in Adobe Systems by 170.3% during the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after acquiring an additional 567 shares during the period. Exane Derivatives increased its stake in Adobe Systems by 55.0% during the third quarter. Exane Derivatives now owns 958 shares of the software company’s stock valued at $143,000 after acquiring an additional 340 shares during the period. Finally, Sumitomo Mitsui Financial Group Inc. bought a new position in Adobe Systems during the second quarter valued at about $141,000. Hedge funds and other institutional investors own 87.45% of the company’s stock.
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Several equities analysts recently issued reports on the company. Citigroup Inc. boosted their price target on Adobe Systems from $163.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Credit Suisse Group reiterated a “positive” rating and issued a $170.00 price objective (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, September 20th. Robert W. Baird reiterated a “buy” rating and issued a $160.00 price objective on shares of Adobe Systems in a research note on Friday, September 1st. J P Morgan Chase & Co reiterated a “buy” rating and issued a $185.00 price objective on shares of Adobe Systems in a research note on Thursday, October 19th. Finally, Pivotal Research upgraded Adobe Systems from a “sell” rating to a “hold” rating and upped their price objective for the company from $118.00 to $160.00 in a research note on Wednesday, October 18th. Six equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. Adobe Systems has a consensus rating of “Buy” and a consensus price target of $174.11.
In related news, EVP Matthew Thompson sold 2,190 shares of the firm’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $173.42, for a total transaction of $379,789.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $152.09, for a total value of $297,031.77. The disclosure for this sale can be found here. Insiders have sold a total of 14,849 shares of company stock worth $2,519,679 in the last ninety days. 0.38% of the stock is currently owned by company insiders.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded down $0.49 during trading on Wednesday, reaching $180.83. The company had a trading volume of 667,727 shares, compared to its average volume of 2,423,482. The firm has a market cap of $89,641.69, a P/E ratio of 54.77, a PEG ratio of 3.09 and a beta of 1.05. Adobe Systems Incorporated has a twelve month low of $98.00 and a twelve month high of $184.44. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.05 and a quick ratio of 2.05.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data 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 business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 EPS. equities research analysts predict that Adobe Systems Incorporated will post 3.46 EPS for the current fiscal year.
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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