Deltec Asset Management LLC trimmed its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 6.1% during the third quarter, HoldingsChannel reports. The firm owned 30,440 shares of the software company’s stock after selling 1,986 shares during the period. Adobe Systems comprises 1.6% of Deltec Asset Management LLC’s holdings, making the stock its 18th biggest holding. Deltec Asset Management LLC’s holdings in Adobe Systems were worth $8,217,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA boosted its holdings in Adobe Systems by 2.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock valued at $1,740,637,000 after purchasing an additional 141,525 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after acquiring an additional 1,515,736 shares in the last quarter. Edgewood Management LLC acquired a new position in shares of Adobe Systems in the 2nd quarter worth approximately $565,496,000. Schwab Charles Investment Management Inc. boosted its holdings in shares of Adobe Systems by 5.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,831,169 shares of the software company’s stock worth $446,458,000 after acquiring an additional 94,626 shares in the last quarter. Finally, Swedbank boosted its holdings in shares of Adobe Systems by 3.8% in the 2nd quarter. Swedbank now owns 1,820,343 shares of the software company’s stock worth $443,818,000 after acquiring an additional 66,223 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.
Shares of ADBE traded down $9.93 during trading hours on Thursday, reaching $248.98. The stock had a trading volume of 198,362 shares, compared to its average volume of 2,986,981. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Systems Incorporated has a 52 week low of $149.03 and a 52 week high of $277.61. The stock has a market cap of $131.77 billion, a P/E ratio of 70.38, a P/E/G ratio of 2.91 and a beta of 1.08.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the company earned $1.10 EPS. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. On average, equities research analysts expect that Adobe Systems Incorporated will post 5.65 earnings per share for the current fiscal year.
Several brokerages have recently commented on ADBE. BidaskClub raised Adobe Systems from a “hold” rating to a “buy” rating in a report on Saturday, August 25th. Citigroup boosted their target price on Adobe Systems from $260.00 to $309.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Pivotal Research boosted their target price on Adobe Systems from $235.00 to $254.00 and gave the stock a “hold” rating in a report on Friday, September 14th. Jefferies Financial Group boosted their target price on Adobe Systems to $315.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Finally, Stifel Nicolaus boosted their target price on Adobe Systems from $275.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Nine investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $265.93.
In related news, EVP Ann Lewnes sold 2,939 shares of the company’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total value of $745,918.20. Following the completion of the transaction, the executive vice president now directly owns 61,498 shares of the company’s stock, valued at approximately $15,608,192.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the company’s stock in a transaction on 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. Over the last ninety days, insiders sold 19,290 shares of company stock valued at $5,033,567. Company insiders own 0.33% of the company’s stock.
Adobe Systems Company 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.
Further Reading: Terms to Better Understand Call Options
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Incorporated (NASDAQ:ADBE).
Receive News & Ratings for Adobe Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems and related companies with MarketBeat.com's FREE daily email newsletter.