Tiaa Fsb reduced its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 8.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 107,518 shares of the software company’s stock after selling 9,536 shares during the period. Tiaa Fsb’s holdings in Adobe Systems were worth $29,024,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Element Capital Management LLC purchased a new position in Adobe Systems during the first quarter worth about $334,000. Ancora Advisors LLC purchased a new position in Adobe Systems during the first quarter worth about $211,000. Point72 Asset Management L.P. purchased a new position in Adobe Systems during the first quarter worth about $5,018,000. Rainier Group Investment Advisory LLC purchased a new position in Adobe Systems during the first quarter worth about $130,000. Finally, Trust Co. of Vermont raised its holdings in Adobe Systems by 15.0% during the first quarter. Trust Co. of Vermont now owns 3,028 shares of the software company’s stock worth $655,000 after purchasing an additional 395 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Abhay Parasnis sold 10,500 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,939 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total transaction of $745,918.20. Following the completion of the sale, the executive vice president now owns 61,498 shares in the company, valued at $15,608,192.40. The disclosure for this sale can be found here. Insiders sold 19,290 shares of company stock worth $5,033,567 over the last quarter. Company insiders own 0.33% of the company’s stock.

ADBE has been the subject of several analyst reports. Jefferies Financial Group increased their price target on shares of Adobe Systems to $315.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Citigroup increased their price target on shares of Adobe Systems from $260.00 to $309.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Griffin Securities upped their target price on shares of Adobe Systems from $278.00 to $296.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Stifel Nicolaus upped their target price on shares of Adobe Systems from $275.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Finally, KeyCorp restated a “buy” rating and set a $286.00 target price (up from $276.00) on shares of Adobe Systems in a research report on Friday, September 14th. Ten analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $265.93.

Shares of ADBE stock traded down $8.56 during trading hours on Thursday, hitting $250.35. The company’s stock had a trading volume of 5,316,000 shares, compared to its average volume of 2,999,302. The firm has a market capitalization of $131.77 billion, a PE ratio of 69.74, a P/E/G ratio of 2.91 and a beta of 1.08. Adobe Systems Incorporated has a twelve month low of $164.42 and a twelve month high of $277.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.66.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.69 by $0.04. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The company’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.10 earnings per share. As a group, sell-side analysts anticipate that Adobe Systems Incorporated will post 5.65 earnings per share for the current year.

Adobe Systems Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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

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