Victory Capital Management Inc. decreased its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 42.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 91,331 shares of the software company’s stock after selling 66,124 shares during the quarter. Victory Capital Management Inc.’s holdings in Adobe Systems were worth $13,625,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of ADBE. FMR LLC raised its stake in Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after purchasing an additional 1,651,762 shares in the last quarter. BlackRock Inc. raised its stake in Adobe Systems by 8.2% during the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after purchasing an additional 2,621,275 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Adobe Systems by 2.9% in the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock valued at $4,808,783,000 after acquiring an additional 943,487 shares during the period. State Street Corp raised its stake in shares of Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after acquiring an additional 234,270 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Adobe Systems by 784.4% in the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock valued at $1,587,936,000 after acquiring an additional 9,957,241 shares during the period. Hedge funds and other institutional investors own 87.45% of the company’s stock.
In related news, EVP Matthew Thompson sold 2,190 shares of the business’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $173.42, for a total value of $379,789.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the sale, the executive vice president now owns 56,356 shares in the company, valued at $8,784,773.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,849 shares of company stock worth $2,519,679. Corporate insiders own 0.38% of the company’s stock.
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Adobe Systems Incorporated (ADBE) opened at $181.85 on Tuesday. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.23. The firm has a market cap of $89,640.00, a PE ratio of 54.74, a PEG ratio of 3.09 and a beta of 1.05. Adobe Systems Incorporated has a 1 year low of $98.00 and a 1 year high of $184.44.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS. analysts expect that Adobe Systems Incorporated will post 3.46 earnings per share for the current year.
Several equities research analysts have recently weighed in on the stock. Vetr raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $190.64 target price on the stock in a research note on Monday. UBS AG assumed coverage on shares of Adobe Systems in a research note on Thursday, November 9th. They issued a “buy” rating and a $217.00 target price on the stock. Royal Bank Of Canada reissued a “buy” rating on shares of Adobe Systems in a research note on Wednesday, September 20th. Stifel Nicolaus increased their target price on shares of Adobe Systems from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Friday. Finally, Canaccord Genuity reissued a “buy” rating and issued a $170.00 target price (up previously from $165.00) on shares of Adobe Systems in a research note on Wednesday, September 20th. Six research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $174.11.
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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