AE Wealth Management LLC Reduces Position in Adobe Systems Incorporated (ADBE)

AE Wealth Management LLC lessened its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 12.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,701 shares of the software company’s stock after selling 241 shares during the period. AE Wealth Management LLC’s holdings in Adobe Systems were worth $415,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Adobe Systems by 3.6% in the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock valued at $7,316,684,000 after purchasing an additional 1,185,325 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Adobe Systems by 2.0% in the 2nd 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 during the last quarter. Polen Capital Management LLC increased its holdings in Adobe Systems by 1.6% in the 1st quarter. Polen Capital Management LLC now owns 6,461,486 shares of the software company’s stock valued at $1,396,198,000 after purchasing an additional 99,181 shares during the last quarter. Morgan Stanley increased its holdings in Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock valued at $836,695,000 after purchasing an additional 1,515,736 shares during the last quarter. Finally, Edgewood Management LLC acquired a new stake in Adobe Systems in the 2nd quarter valued at approximately $565,496,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Several research firms recently weighed in on ADBE. Pivotal Research lifted their target price on shares of Adobe Systems from $235.00 to $254.00 and gave the company a “hold” rating in a report on Friday. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Monday, June 18th. Robert W. Baird lifted their target price on shares of Adobe Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Friday. Griffin Securities lifted their target price on shares of Adobe Systems from $278.00 to $296.00 and gave the company a “buy” rating in a report on Friday. Finally, Barclays lifted their target price on shares of Adobe Systems to $297.00 and gave the company an “overweight” rating in a report on Wednesday. Nine equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and an average price target of $258.41.

In other news, EVP Abhay Parasnis sold 10,500 shares of Adobe Systems stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total transaction of $2,730,105.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,945 shares of Adobe Systems stock in a transaction on Wednesday, June 20th. The stock was sold at an average price of $253.50, for a total transaction of $746,557.50. Following the sale, the executive vice president now directly owns 67,377 shares of the company’s stock, valued at $17,080,069.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,324 shares of company stock valued at $6,511,829. Corporate insiders own 0.33% of the company’s stock.

Adobe Systems stock opened at $274.69 on Friday. The firm has a market cap of $131.13 billion, a PE ratio of 76.52, a PEG ratio of 2.91 and a beta of 1.11. Adobe Systems Incorporated has a 12-month low of $143.95 and a 12-month high of $277.61. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.69 by $0.04. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.10 EPS. sell-side analysts forecast that Adobe Systems Incorporated will post 5.61 earnings per share for the current year.

Adobe Systems announced that its board has initiated a stock buyback program on Monday, May 21st that permits the company to buyback $8.00 billion in shares. This buyback authorization permits the software company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

About Adobe Systems

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.

Further Reading: Average Daily Trade Volume – ADTV

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

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