California Public Employees Retirement System Sells 72,997 Shares of Adobe Systems Incorporated (ADBE)

California Public Employees Retirement System lessened its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 6.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,012,947 shares of the software company’s stock after selling 72,997 shares during the period. California Public Employees Retirement System owned approximately 0.21% of Adobe Systems worth $246,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of ADBE. Teacher Retirement System of Texas raised its holdings in shares of Adobe Systems by 11.6% during the first quarter. Teacher Retirement System of Texas now owns 312,528 shares of the software company’s stock worth $67,531,000 after purchasing an additional 32,550 shares during the last quarter. Swedbank raised its holdings in shares of Adobe Systems by 9.3% during the first quarter. Swedbank now owns 1,754,120 shares of the software company’s stock worth $379,030,000 after purchasing an additional 149,665 shares during the last quarter. Tredje AP fonden raised its holdings in shares of Adobe Systems by 60.7% during the first quarter. Tredje AP fonden now owns 62,851 shares of the software company’s stock worth $13,581,000 after purchasing an additional 23,730 shares during the last quarter. Bamco Inc. NY raised its holdings in shares of Adobe Systems by 6.2% during the first quarter. Bamco Inc. NY now owns 25,604 shares of the software company’s stock worth $5,533,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Adobe Systems by 7.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 35,923 shares of the software company’s stock worth $7,762,000 after purchasing an additional 2,584 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Several analysts recently commented on the stock. Bank of America raised their price target on shares of Adobe Systems from $278.00 to $292.00 in a research report on Friday, June 15th. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 price target on the stock in a research report on Tuesday, June 19th. BidaskClub lowered shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 18th. Robert W. Baird raised their price target on shares of Adobe Systems from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Finally, Stifel Nicolaus raised their price target on shares of Adobe Systems from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, June 15th. Nine analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. Adobe Systems presently has a consensus rating of “Buy” and a consensus price target of $258.41.

In related news, EVP Ann Lewnes sold 2,945 shares of the business’s stock in a transaction dated Wednesday, June 20th. The shares were sold at an average price of $253.50, for a total transaction of $746,557.50. Following the transaction, the executive vice president now directly owns 67,377 shares in the company, valued at $17,080,069.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Abhay Parasnis sold 10,500 shares of the business’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total transaction of $2,730,105.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,324 shares of company stock worth $4,980,689. Company insiders own 0.33% of the company’s stock.

Shares of NASDAQ ADBE opened at $274.69 on Monday. Adobe Systems Incorporated has a 52-week low of $143.95 and a 52-week high of $277.61. The stock has a market capitalization of $131.13 billion, a PE ratio of 76.52, a P/E/G ratio of 2.91 and a beta of 1.11. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.22.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter last year, the business earned $1.10 earnings per share. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. research analysts predict that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.

Adobe Systems declared that its board has authorized a share repurchase program on Monday, May 21st that allows the company to buyback $8.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Adobe Systems Company Profile

Adobe Systems Incorporated 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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